Another good example is the insurance industry. The insurance industry has been adapting to this evolving need for more than a decade, as Cyber insurance policies were introduced to the market. Cyber insurance policies provide direct loss and liability protection for risks created by the use of technology and data in an organisation’s day-to-day operations. These policies were created to fill historical gaps in traditional insurance policies, including: protections for claims arising from a disclosure or mishandling of confidential information, protection for claims arising from a failure of computer security to prevent or mitigate computer attacks and more. The insurance industry has also successfully managed to adapt different policies to different sized enterprises and companies, making cyber insurance relevant and available to business of all sizes.
But realising that cyber breaches can’t be avoided completely doesn’t mean that we should give up on technological solutions and protection. Researching and developing Cyber Early Warning technologies that will enable detecting a breach at its initial phases of infiltration and spread through the network and before it manages to incur damages is crucial for successfully managing and mitigating cyber risks. Similarly, adopting active defence solutions that draw malware to predefined areas within the network (away from sensitive assets and data), and which help contain, mitigate and eradicate the threat, and even enable response against the attacker or at least enable attributing the attack to its perpetrator are also extremely important.
It is for these reasons that Custodio was established: Custodio is IAI’s cyber early warning R&D center in Singapore, with the support of the Singapore Economic Development Board (EDB).
IAI, a world leading developer and producer of advanced defense and aerospace systems, and a recipient of a grant as part of the Singapore Economic Development Board’s (EDB) Research Incentive Scheme for Companies (RISC), Custodio was established in Singapore in 2014 as a “Cyber Early Warning R&D Center”. Custodio is tasked with the mission of spearheading R&D activities in the field of cyber early warning, focusing on innovative active defence approaches, cyber geo-location resolution & attribution, and anomalous behaviour detection, as well as leading IAI’s offering in the field of Cybercrime investigation and analysis for law enforcement agencies. Custodio will develop prototypes for cyber early warning solutions, mature these prototypes into fully-fledged customer-grade solutions, and market the solutions both in Singapore and abroad. Custodio was established as a local Singaporean company and its workforce will be based primarily on Singaporean employees. Custodio aims to have a unique blend of white-hat hacker and engineers, which will provide an inherent advantage in a very dynamic domain, which is constantly changing and increasing in its complexity.