A US-based mining company remarkably elevated its cyber insurance coverage from $1.5M to $12M, embracing SecondSight’s comprehensive solutions for digital risk identification and mitigation throughout its expansive operations.
Situation: Confronting challenges in digital risk management due to obscured visibility across a vast data landscape, the mining company sought to enhance its cyber insurance coverage substantially. The primary goal was to efficiently identify digital risks and implement robust risk controls across numerous locations laden with sensitive personal and operational data.
Complication: Historically, the company’s operations were severely disrupted by ransomware attacks, causing extensive downtime and financial strain. These events underscored the urgent need for an all-encompassing digital risk management strategy to safeguard against future threats.
SecondSight’s Solution: Opting for a proactive approach, the company deployed SecondSight to autonomously identify and categorize data across its network. This advanced solution pinpointed hidden risks and redundancies, providing a detailed analysis of sensitive and regulatory-bound data. The result was a significant reduction in the data footprint, enhanced by strategic risk control applications that fortified the company’s cybersecurity measures.
Return on Investment:
- Cost Efficiency and Cloud Optimization: SecondSight not only facilitated a smoother transition to cloud infrastructure but also realized an 84% reduction in anticipated cloud costs. This efficient data management led to freeing up significant capital, part of which was reinvested into advanced risk control measures.
Impact on Cyber Insurance:
- Holistic Risk Management and Insurance Confidence: The continuous profiling and recommendations from SecondSight’s risk management facilitated a marked increase in the company’s cyber insurance coverage. Insurers responded favorably to the demonstrated commitment to risk mitigation and continuous monitoring, substantially raising the coverage limit.
Operational and Strategic Shift:
- Evidence of Digital Diligence: The mining company’s IT leadership cited SecondSight’s instrumental role in uncovering extensive data duplication and sensitivities across the network, catalyzing a transformation in data handling and risk management practices. The rigorously applied controls and targeted data management reshaped the company’s operational approach, leading to enhanced efficiency and a solidified defense strategy.
In summary, “Risk, Reimagined: Pioneering Total Risk Transfer in the Mining Industry” exemplifies how SecondSight’s integrated digital risk management solutions empower organizations to significantly increase cyber insurance coverage, streamline operations, and establish a resilient, forward-thinking cybersecurity posture. The case study highlights the strategic importance of continuous risk profiling, targeted mitigation, and the value of an informed, dynamic approach to digital risk and insurance management.
The mining company’s VP of IT stated: “SecondSight found all the sensitive PII and PHI data hidden across all 35 sites. We couldn’t believe how much duplication we had, it was everywhere. It would have been an impossible task trying to do this manually. Once everyone knew exactly what data they were responsible for, what was high risk, and what needed to be purged or archived, we saw users change their behavior. Eliminating all that risk made things a lot easier. Since we knew what data was sensitive and what was most critical to running the business, we knew exactly where to apply the right risk controls. There’s no way this would have been anywhere close to possible without SecondSight”.