Today, Bloomberg posted recent findings pertaining to cyber insurers’ role in policyholders’ security posture, specifically those within the US water systems industry.
Unlike many other CNI entities, the water sector is extremely fragmented, with at least 150,000 utilities spread throughout the country with smaller systems serving as few as just dozens of customers, operating with low budgets that often don’t account for cybersecurity.
A May EPA alert found over 70% of systems inspected since September 2023 violated the Safe Drinking Water Act’s requirements to develop risk assessments and emergency response plans.
Amidst meager cybersecurity regulations from federal agencies, many cyber insurers have moved on from a traditional, application-based underwriting model in favor of new, hands-on cyber risk practices to help spread the risk and improve resilience of the US water sector, including testing existing systems and helping policyholders address shortcomings.
Sezaneh Seymour, head of regulatory risk and policy at cyber carrier Coalition Inc. said Coalition was able to reduce vulnerabilities of water entities it covered by over 90% in six months through risk pooling.
Despite a growing appetite from insurers to cover cyber risk, many entities, especially in the water sector, still can’t obtain coverage due to lack of resources, knowledge, and dated operational systems that won’t meet the minimum qualifications to attain cyber insurance.
“It’s just a matter of time before a determined adversary bypasses the safety functions that have kept systems, people, and the environment safe thus far,” said Jennifer Lyn Walker, the director of infrastructure cyber defense at WaterISAC.
Stephen Gates, Principal Security SME, Horizon3.ai had this to say:
“Although there’s a strong desire for the water sector to adopt the latest IT technologies and security practices, this isn’t always practical. Autonomous risk assessment solutions provide a way to determine if older operating systems and unsupported software are truly exploitable based on their specific deployment scenarios. While a component of the infrastructure might be flagged as being “vulnerable”, that doesn’t necessarily mean it can be exploited from the outside in.”
Anything that is considered to be a critical sector needs to step up their game to manage cyber risk. That includes really getting onto the bandwagon of being up to date in terms of the threat landscape and taking the required steps to mitigate those threats. That needs to happen ASAP.
TELUS and Photonic join forces to build Canada’s quantum future
Posted in Commentary with tags Telus on October 28, 2024 by itnerdTELUS is has announced a collaboration with Photonic Inc., a pioneering BC-based company, to accelerate the development of next-generation quantum communications in Canada. TELUS will provide Photonic dedicated access to its advanced fibre-optic network, enabling the testing of groundbreaking quantum technologies and emerging solutions that promise to reshape Canada’s digital landscape, improve productivity and drive economic growth.
Over the past several years, quantum technology has moved beyond academic research and is entering the commercial realm, with companies like Photonic leading the charge. The collaboration with TELUS provides a path for industries such as finance, security and logistics to prepare for a quantum-secure future. With TELUS’ infrastructure enabling the testing of real-world applications, Photonic is helping accelerate the commercialization of quantum technologies, set to reshape how industries approach computing and secure communication, both in Canada and worldwide.
As part of this collaboration, TELUS is providing Photonic access to a 30-kilometre dedicated fibre network in British Columbia – configured to test increasingly complex quantum networking that leverage quantum encryption for ultra-secure, tamper-evident transfer of information over long distances. This state-of-the-art infrastructure will enable Photonic to advance critical capabilities in quantum computing (solving complex problems beyond the reach of today’s computers), quantum networking, and quantum key distribution (using quantum signals to create secure encryption) – technologies crucial for the future of digital security and innovation.
This effort marks a major milestone for both companies as they work to lay the foundation for a quantum internet. The dedicated fibre network is connected to TELUS’ national infrastructure, offering potential for broader, nationwide testing and marking the first time a Canadian startup has been granted access to a major telecom operator’s network for the purpose of developing quantum communication capabilities. It follows impressive milestones recently achieved by Photonic,including a successful demonstration of entanglement distribution between independent systems in a commercial setting (entanglement allows particles to share quantum information across distances), an essential component of scaling quantum networks.
Quantum technology holds the potential to solve some of the world’s most complex computation problems, ranging from materials development to climate-friendly catalyst development. However, it also presents new challenges, including the ability to break existing encryption methods within the next decade. This collaboration between TELUS and Photonic helps position Canada as a global leader in the quantum race, ensuring everyday Canadians and businesses are prepared for a quantum-secure future.
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