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3/29/2017
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Cybernance Receives Risk and Liability Protection Via DHS SAFETY Act

Cybernance customers now have third-party liability protection if targeted by cyber terrorism

March 29, 2017 08:13 AM Eastern Daylight Time

AUSTIN, Texas--(BUSINESS WIRE)--Cybernance Corporation, a provider of cyber risk governance technology solutions, today announced that the U.S. Department of Homeland Security (DHS) has granted the Cybernance Platform a SAFETY Act award. Cybernance is one of the only cyber risk governance platforms that has received this award, which provides a high level of liability and risk management protection from third-party action in the event of an act of cyber terrorism.

The SAFETY Act is a federal law enacted to encourage the development and deployment of anti-terrorism products and services, including cybersecurity solutions. The SAFETY Act provides liability and risk management protections to sellers of Qualified Anti-Terrorism Technologies (QATT) by capping or even eliminating third-party liability in the event of an act of terrorism, and this protection extends to customers who purchase and use products or services that have received a SAFETY Act award. Cybernance’s SAFETY Act award provides this liability protection to its customers, effective immediately.

“The Justice Department’s recent announcement that Russian cyber terrorists were responsible for the Yahoo breach sheds new light on the growing magnitude of cyber terrorist activity in the U.S.—and the harsh financial impact it can have on company stakeholders and executives,” said Michael Shultz, CEO of Cybernance. “This is not an IT problem, it’s a business problem. C-level executives and boards of American companies need to be directly involved in a comprehensive strategy to manage cyber risks and assessment programs. With a SAFETY Act award, companies like Yahoo would have a defense against third-party liability stemming from breaches perpetrated by cyber terrorists.”

“Cyber risk and liability can be financially devastating to a company, its customers, and shareholders; therefore it has become a critical issue for top executives,” said Brian Finch, public policy Partner, Pillsbury Winthrop, Shaw, Pittman. “The U.S. is facing an increasingly regulatory environment in the cybersecurity realm, especially as many states hope to follow in the footsteps of the New York DFS cybersecurity regulations. Using Cybernance’s cyber risk assessment and management platform gives companies assurance that they are compliant with new rigorous cybersecurity regulations, and offers a level of protection from third-party litigation.”

The Cybernance Platform is a top-down, cyber risk governance software solution based on the NIST Cybersecurity Framework and enables companies to assess, measure and report on their cybersecurity maturity across the entire organization. The software is a SaaS platform that can be fully operational in a matter of days. The Cybernance Platform enables non-technical board members, executives, internal auditors, general counsel, and chief risk officers to maintain insight into and exert control over their organizations’ level of protection against cyber criminal activity. Cybernance Platform features include policy creation; auditing; access privileges; risk assessment; training and monitoring; third party service provider and vendor security checks; incident response planning and reporting.

About Cybernance Corporation

Cybernance is the cyber risk governance platform that regulated industries, public companies, and government agencies rely on to effectively oversee and manage cyber risk. Based on the NIST Cybersecurity Framework, the Cybernance Platform is an internal control system that provides deep visibility into the people, processes, and policies within an entire organization so business and agency leaders can easily mitigate and document all cyber risks. With Cybernance, departments work seamlessly together in an online platform that provides company-wide risk reporting through dashboards and a proprietary risk scoring system that gives executives and board members peace of mind and third party liability protection in the event of cyber terrorist activity. In 2017, Cybernance received the SAFETY Act designation from the Department of Homeland Security, which provides customers the highest form of risk and liability protection from third-party action in the event of a cyber-criminal data breach. Visit www.cybernance.com for more information, and follow Cybernance on Twitter and LinkedIn.

 

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