Luxembourg stands out in both Europe and the world for its strong commitment to cybersecurity. The advanced public as well as private sector expertise reflects its global financial centre and growing data economy. The ecosystem relies on active collaboration between public and private stakeholders. The role played by the Ministry of Economy, which sees cybersecurity not only as a defence issue but also as an economic success factor, makes Luxembourg a unique case in Europe.
One of the latest additions to the constantly growing ecosystem is SecurityScorecard, a scale-up originating from New York whose patented rating technology is used by over 30,000 organizations worldwide for enterprise risk management, third-party risk management, board reporting, transaction due diligence, cyber insurance underwriting, and regulatory oversight.
With the increase in global cyber activity it is vital to have a comprehensive view of the threats to core systems, processes and data.
“With the increase in global cyber activity it is vital to have a comprehensive view of the threats to core systems, processes and data,” says David Foy, Head of International Business Development – Digital Economy at Luxinnovation, who supported the company during its process of coming to Luxembourg. “An analysis by Luxinnovation during the pandemic showed that there is room for such technologies to fill the knowledge and maturity gaps across all sectors. SecurityScorecard is another line of defence providing valuable insights and is a great addition to the cyber community in Luxembourg.”
Security ratings for companies and value chains
SecurityScorecard collects and analyses global threat signals that provide organisations instant visibility into the security posture of vendors and business partners as well as the capability to do a self-assessment of their own security posture. The technology continuously monitors 10 groups of risk factors to instantly deliver an easy-to-understand A-F rating. “Our approach is similar to credit ratings or the Nutri-Score rating that is used for food,” explains Ali Mukhamadiev, Senior Strategic Alliances Manager at SecurityScorecard. “Our objective is to create a common language for companies to understand, improve, and communicate cybersecurity risk to their boards, employees, and vendors.” To date, the company has rated more than 12 million companies.
Most successful cyberattacks are often attributed to basic cyber security oversights.
SecurityScorecard is the global leader in cybersecurity ratings with more than 12 million companies continuously rated and works with customers across a variety of industries including financial services, banking, insurance, healthcare and pharmaceuticals. It is also increasingly cooperating with national critical infrastructure, for example utilities and telecommunications. SecurityScorecard also provides monitoring services identifying issues on the assets of its clients and informing them about those particular security risks. “Most successful cyberattacks are often attributed to basic cyber security oversights. Using our “hacker’s-eye view” we help our clients find and fix the cyber security gaps in their digital footprint that would be easily visible to a potential threat actor.”
Customers also increasingly rely on SecurityScorecard to understand the security posture of their partners throughout their whole value chains. “In recent years, we have witnessed an increasing number of supply chain attacks that have caused much damage,” Mr Mukhamadiev points out. “Our ratings give companies an overview of the security levels of essential partners such as suppliers, consultants and technology service providers.”
Luxembourg partnership for expansion
When SecurityScorecard decided to expand to Europe from its US base in 2019, Luxembourg came on its radar. “We started a conversation with Vodafone and its Luxembourg-based accelerator, Tomorrow Street, and decided to establish a presence here,” says Mr Mukhamadiev. “As one of Tomorrow Street’s portfolio companies we have been onboarded as a supplier to Vodafone. We help them understand the cyber security risk across their global footprint, as well as their supply chain.”
We are now present in all the major European markets and hope to grow the Luxembourg team in the next few years.
Mr Mukhamadiev relocated with his family to Luxembourg in early 2022 and focuses on developing strategic partnerships. “I’m responsible for business development alongside our sales teams across Europe. We are now present in all the major European markets and hope to grow the Luxembourg team in the next few years.” He is also cooperating with Luxembourg cybersecurity agency SECURITYMADEIN.LU to make SecurityScorecard ratings available to any company in the region.
Photo credit: SecurityScorecard