Opt Cyber Security Solutions: Redefining Cybersecurity through Cyberinsurance

Opt Cyber Security Solutions: Redefining Cybersecurity through Cyberinsurance

CIO Vendor The number of cyber attacks has increased considerably in recent years. This exponential increase in attacks occurs as businesses shift to digital channels to build strong customer relationships, offer new goods, and increase their part of their customers' financial portfolios. With this, it has become critical to work with qualified cyber security solution providers to mitigate the ever-increasing cyber threats. However, existing solutions are not only sophisticated, but also prohibitively expensive for MSMEs in desperate need of an effective and affordable cybersecurity solution. As a result, a solution that caters to these MSMEs industries is critical.

This is where OPT CYBER SECURITY SOLUTIONS has focused on providing these MSMEs with cost effective and result driven cyber security solutions. OPT CYBER is a one-stop Cybersecurity partner for enterprises and small and mediumsized businesses, focusing on the BFSI, Healthcare, and Public Sector verticals that are frequently attacked by sophisticated cyber assaults. The company offers its clients total cyber protection by integrating cutting-edge cyber technology, worldwide frameworks, and cyber insurance. OPT CYBER has led the way in adopting GRC (Governance, Risk, and Compliance) frameworks such as ISO 27001 for information security, ISO 22301 for cyber resilience and business continuity, and ISO 27701 for privacy and data protection.

Offering Entire Cyber Insurance Value Chain
The specialty offering from OPT CYBER is Cyber Insurance. It is the market leader in cyber insurance uptake among enterprise and SMB businesses in India, the Middle East, and APAC. Pricing Cyber Risk has been extremely difficult globally, and insurance firms, brokers, and reinsurers are wrestling with this issue. To address this, OPT CYBER is at the forefront of Cyber Risk Quantification (CRQ), modeling Big Data from Cyber SOC and GRC frameworks using global standards such as FAIR Methodology (Factor Analysis of Information Risk) and OSCAL (Open Security Controls Assessment Language) developed by NIST
(National Institute of Standards in Technology, USA) for its SP 800-53 Cybersecurity standard and compliance framework.

Under the Atma Nirbhar Bharat initiative, OPT CYBER is contributing to position India as a Cyber Insurance hub, from International Finance Centre, GIFT City Gujarat. As a Make-In-India, For the World project, the company is building the Cyber Insurance Underwriting Engine (the black box/Coca cola formula for cyber insurance) under support from IIT Kanpur and the National Mission for Cyber Physical Systems. The technology was launched in Jakarta in October 2022 under the India-Asian partnership. OPT CYBER will be licensing the technology in other countries to local insurance companies and brokers.

OPT CYBER is at the forefront of Cyber Risk Quantification (CRQ), modeling Big Data from Cyber SOC and GRC frame works using global standards

Bringing India to the Forefront
In addition to London, which is set to be the World No.1 in Cyber Insurance, India can be a global or regional power in Cyber Insurance by combining two strengths the country has the largest talent pool of Cyber security ethical hacking experts and auditors, and India's General Insurance Corporation (PSU owned by the Government of India) is ranked 13th in the world in Reinsurance. From Australia to the Middle East and East Africa, India can meet the cyber insurance needs of SMBs and corporations. OPT CYBER is assembling a group of insurance companies, brokers, and insurtech businesses to make this a reality in 2023 through its marketplace project cyber bazaar which it expects will blossom into a No.1 destination a la Decathlon.

"OPT CYBER is preparing to launch Embedded Cyber Insurance in India through the marketplace, where all purchases of Cyber security solutions from worldwide and Indian technology providers will be covered by Cyber Insurance as a combo package. OPT CYBER is developing a Public-Private Partnership (PPP) with banks and law enforcement agencies to provide cyber protection and insurance to cover all payment and UPI frauds up to a minimum B2C thres hold", shares Arjun Bhaskaran, CoFounder & CEO.