ReaQta and Jing An Special Risks establish strategic partnership to introduce holistic cyber insurance solution for Asian SMEs
Singapore, April 15, 2019 — ReaQta and Jing An Special Risks (JASR) have jointly announced a strategic partnership to introduce a holistic approach to cybersecurity risk management for small and medium enterprises (SMEs). This three-pronged approach combines state-of-the-art artificial intelligence (A.I.) behaviour monitoring software from ReaQta with world-class incident response services, covering both pre-breach cyber mitigation and post-breach response under a single JASR insurance policy.
This integrated approach is designed with the SME market in mind, offering a simple, “no- frills” and yet comprehensive approach to day-to-day cyber risk management.
“While most of our customers have a very good security posture, they are also conscious of their risk exposure,” notes Alberto Pelliccione, CEO of ReaQta. “We are happy to see that JASR has created a new kind of policy that takes into account the additional capabilities of such customers and to offer them a wide coverage at a competitive premium. We are delighted to be part of this and to help JASR reinvent the cyber- insurance market.”
“Traditional actuarial techniques do not adequately model cyber insurance risk, especially as the industry struggles to keep pace with stealthy, advanced and unknown threats. However, with ReaQta-Hive’s 24/7 real-time analysis and A.I. engine, risk is measured and managed instantaneously. It is exciting to see the innovation and uniqueness of this solution,” says Gan Cheng Siong, CEO of JASR.
How do SMEs benefit from integration?
About 32% of cyberattacks target companies with fewer than 1000 employees. Globally, cyber breaches cost an average of an estimated USD 3.86 million, or USD 148 per record stolen—including not only direct damages but also many unforeseen response costs.
However, recent studies show that firms were able to save, on average, USD 1.16 million if breaches were detected and contained within 30 days, with an average cost savings of USD 14 per record if those companies maintained an incident response team. Notwithstanding, most SMEs remain underprepared, particularly in Asia.
As such, the objective of the integrated service offering is not only to cover clients in response to a breach, but also to help Asian SMEs build a simple, effective, and affordable foundation of cybersecurity readiness.
As a first line of defense, ReaQta-Hive is a leading threat response platform with dual- powered artificial intelligence engines. The software intelligently learns a client’s individual network, is able to detect both endpoint and network behaviour anomalies, and automatically remediates even the most advanced or unknown threats, reducing response time to minutes, not months.
ReaQta-Hive protects endpoints, servers and mobile devices with a wide range of ready- to-use commands for threat hunting across endpoints. Immediate threats such as trojans, ransomware, RATS, as well as lateral movements and supply-chain attacks are detected and reported in real-time. The solution also comes with an easy-to-use dashboard that offers complete and in-depth visibility with instant remediation capabilities.
ReaQta-Hive also uses a proprietary NanoOS, the world’s first monitoring solution that sits outside the operating system. As a result, it detects stealth behaviours and cannot be shut down by attackers. The software is easy to install and simple to use.
JASR’s world-class cybersecurity incident response partners are available 24/7, deploying on-site to triage, contain and remediate threats affecting the client network, endpoints and server database. JASR believes in a preventative posture and works with clients to consult on cybersecurity management, governance and regulatory best practices. JASR also offers access to expert cyber crisis legal counsel and corporate communications consulting.
This holistic approach is tailored specifically to SMEs, enabling firms to transfer the full spectrum of cyber risk via specialty insurance with cybersecurity tools and expertise.
Jing An Special Risks (JASR) is a special risk insurance brokerage partnered with international insurance and reinsurance markets, embedded cybersecurity management providers, and world-class cyber incident responders. JASR is headquartered in Asia and capable of underwriting risk globally, specializing in serving the APAC market.
ReaQta was founded in 2014 by a team with rich experience in government-led cyber intelligence operations and threat intelligence. With a deep understanding of the modern cybersecurity landscape, ReaQta is one of the fastest growing solution providers to craft a highly advanced, artificial intelligence (A.I.) powered endpoint threat response platform and solution service that analyses, detects, threat-hunts and remediates cyberattacks. Headquartered in Amsterdam and Singapore, the company is currently represented in 19 countries.