Partnership to study cloud exposure and the impact of cloud outages on UK organisations
London – 2 October 2024: The Cyber Monitoring Centre (CMC) today announces a new partnership with leading provider of cloud risk analytics services, Parametrix Analytics.
An initial project is underway to understand the reliance of UK organisations on cloud infrastructure. The project analyses UK companies of all sizes and industries, to understand their cloud dependence and determine the economic impact of a cloud outage of the commonly used cloud service providers. Initial findings show around 90% of the FTSE 100 companies are cloud dependent, with most relying on key data centres in the UK, Ireland and the rest of Europe.
Parametrix will also monitor cloud services used by UK companies and provide loss estimates and impact analysis to the CMC following any cloud outage events.
“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. 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”, said Will Mayes, CEO of the CMC.
“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,” said Sharon Haron, Chief Commercial Officer at Parametrix. “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.”
About the Cyber Monitoring Centre
The Cyber Monitoring Centre is a non-profit organisation responsible for analysing and categorising cyber events that impact UK organisations. Events are categorised by an independent technical committee made up of leading cyber experts, and based on analyses of data from leading data providers. The event categorisation and event reports are provided at no cost to any interested organisations and individuals to help increase the understanding of the impact of cyber events, and improve cyber mitigation and response plans.
For more information visit https://cybermonitoringcentre.com/ or follow us on LinkedIn.
About Parametrix
Parametrix, the leading provider of cloud analytics and insurance services, is a Managing General Agent and Lloyd’s Coverholder based out of New York that underwrites parametric insurance against digital supply chain interruption. Parametrix uses proprietary technology to continuously monitor the performance of a variety of third-party IT services across the globe, and to collect granular data on service interruptions. It uses that data to assess risk, provide instant insurance quotations, and to streamline claims payments, which are delivered within days. Parametrix policies are backed by major A-rated global insurers. parametrixinsurance.com