OTORIO, HSB launch limited performance warranty to leverage risk management strategies, protect operational efficiency

September 27, 2023

OTORIO Launches Risk Assessment Technology for OT Security with Integrated Advanced Attack Graph Analysis

OT cyber and digital risk management solutions company OTORIO and HSB, a specialty insurer, announced Wednesday a joint effort to raise awareness of OT (operational technology) security and risk reduction as crucial strategies for insurability. To launch the collaboration, HSB and OTORIO have developed a limited performance warranty supporting the implementation of OTORIO’s OT security cyber risk management solutions into various business applications.

The deal will also provide customers with a limited performance warranty for digital resiliency on their operational network. The warranty covers OT equipment that is protected by OTORIO’s Risk Assessment, Monitoring and Management (RAM²) platform or has undergone an OTORIO spOT risk assessment and has been optimized as recommended.

“Businesses have suffered significant losses due to the ever-changing risk created by internet-connected OT equipment,” Daniel Bren, co-founder and CEO at OTORIO, said in a media statement. “By merging our technological prowess with HSB’s engineering, technology, and insurance expertise, we are empowering businesses to navigate the complex landscape of cyber threats and safeguard their operational resilience, bolstering insurability and enabling a more secure digital future.”

“Cyber events in OT settings can result in physical damage, operational disruptions, and safety hazards,” said John Riggs, HSB CTO and senior vice president for Allied Technology Solutions, and president of Meshify. “Improved preparedness, response, and recovery from disruptive events are critical for reducing OT risk, and this is where OTORIO excels.”

During the term of the agreement, customers who have purchased the warranty are eligible to file a warranty claim for loss of performance in the event of either of the following scenarios involving OTORIO products.

In the first instance, a cyber event on a warrantied operational network, if a customer experiences a cyber attack after implementing RAM² protection or following spOT assessment recommendations, they can make a warranty claim for lost performance. Secondly, operational network damage as a direct result of OTORIO Operational Resilience Services. This comes into play in cases where the customer incurs damage to its operational network due to the deployment of RAM² or as a consequence of spOT assessment, they are eligible to file a warranty claim for loss of performance.

To support this initiative, HSB and OTORIO have co-authored a whitepaper to address crucial insurability challenges in the evolving interconnected landscape. It explains the critical roles of risk reduction in preventing operational and business disruptions and outlines preventative measures to improve insurability and lower premiums.

Earlier this month, OTORIO announced its ISO 27001 certification for information security management systems (ISMS) and IEC 62443-4-1, a global benchmark for cybersecurity in industrial automation and control systems (IACS). These certifications further establish OTORIO’s position in the OT sector and its commitment to fostering a secure, reliable, and cyber-resilient future.