Antigen Security + Dragos Deliver Industrial Cybersecurity to Electric Grid Operations.
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Case Study: Leveraging Dragos OT Cybersecurity Controls to Achieve Up to 60% Savings on Cyber Insurance Premiums
Background
Antigen Security, a leading cybersecurity firm, has partnered with Dragos Inc., a global leader in operational technology (OT) cybersecurity, to enhance the security posture of electric grid operators. This collaboration aims to not only bolster defenses against sophisticated cyber threats but also to provide significant financial benefits, including potential reductions in cyber insurance premiums.
Challenges Faced by Electric Grid Operators
Electric grid operators are increasingly targeted by cyber adversaries, with a reported 50% increase in attacks against industrial organizations. These threats pose risks of operational disruptions, safety hazards, and substantial financial losses. Consequently, cyber insurance has become a critical component of risk management strategies. However, high premiums and stringent underwriting requirements often pose challenges for organizations seeking adequate coverage.
Solution: Integrating Dragos OT Cybersecurity Controls
By implementing Dragos’ comprehensive OT cybersecurity solutions, electric grid operators can address these challenges effectively:
Enhanced Asset Visibility and Monitoring: The Dragos Platform offers automated asset discovery and continuous monitoring, providing unparalleled visibility into OT networks.
Intelligence-Driven Threat Detection: Leveraging Dragos WorldView threat intelligence, organizations can detect and respond to threats with actionable insights.
Incident Response Expertise: Dragos’ professional services team offers rapid incident response, helping organizations mitigate risks and recover swiftly from cyber events.
Compliance and Risk Management: Dragos solutions align with critical cybersecurity frameworks, such as NERC CIP, aiding in compliance and risk reduction efforts.
Financial Impact: Potential Insurance Premium Reductions
The integration of Dragos’ OT cybersecurity controls has been recognized by major insurance providers. Through partnerships with firms like AEGIS Insurance, Arch Insurance, and McGriff Insurance Services, Dragos has established a framework where the implementation of its solutions can lead to significant insurance premium reductions.
Steven Legg, CEO and Co-Founder of Antigen Security, stated, “Antigen is excited to incorporate Dragos’s proven outcomes into our underwriting standards,” highlighting the direct correlation between robust cybersecurity measures and favorable insurance terms.
Conclusion
By adopting Dragos’ OT cybersecurity controls, electric grid operators not only fortify their defenses against escalating cyber threats but also position themselves for substantial financial benefits. This strategic integration enhances operational resilience and offers a pathway to potentially reduce cyber insurance premiums by up to 60%, exemplifying a proactive approach to cybersecurity and risk management.
