The Cyber Monitoring Centre (CMC), a UK non-profit organisation, has joined forces with Parametrix Analytics, which offers cloud risk analytics services and is a division of cyber insurtech company Parametrix.
This collaboration aims to evaluate the dependency of UK organisations on cloud infrastructure and the potential economic impacts of cloud service outages.
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Initially, the partnership’s project involves a comprehensive analysis of UK companies across various sizes and industries to gauge their reliance on cloud services.
The study’s preliminary findings indicate that approximately 90% of FTSE 100 companies are dependent on cloud infrastructure, primarily hosted in data centres in the UK, Ireland and other parts of Europe.
Parametrix Analytics, a managing general agent and Lloyd’s Coverholder based in New York, will also carry out the monitoring of cloud services utilised by UK companies.
CMC CEO Will Mayes said: “The UK Government’s recent announcement that data centres are to be classified as critical national infrastructure demonstrates the huge role these centres play in business operations across the country.
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By GlobalData“Parametrix’s expertise will help the CMC understand the economic impact of cloud outage events. The partnership highlights the CMC’s commitment to working with leading data providers to understand and accurately categorise cyber events.”
Parametrix chief commercial officer Sharon Haran said: “We are proud to partner with the CMC and support their important work. The CMC’s independence and its technical approach to understanding cyber events are of critical importance if we are to help UK businesses and wider society cope with the ever-growing systemic cyber threat.
“This includes events like the CrowdStrike incident, which provided only a hint of what could happen with a widespread service outage across multiple regions. By collaborating with the CMC, we can help to ensure that businesses and the cyber insurance industry as a whole understands their cloud exposure, and are able to develop a plan of action which builds operational resilience.”
The cloud risk analytics service, launched in April earlier this year, offers a proprietary modelling approach that leverages the discovery and analysis of the actual cloud footprint of insured portfolios, as well as historical cloud performance data.
In other UK cyber insurance industry news, last month, Envelop Risk, a UK-based analytics and cyber reinsurance company, launched Envelop Risk Solutions to enhance the cyber capabilities of insurers and reinsurers.
