SECONDO: Optimizing Cybersecurity Investments and Cyber Insurance

“The SECONDO project will establish a new paradigm in risk management for enterprises of various sizes, with respect to the GDPR framework, while it will enable formal and verifiable methodologies for insurers that require estimating premiums. Moreover, the SECONDO project will use a private ledger, which provides secure access control on data records, to hold an inventory of assets and information regarding security and privacy risk measurable indicators of an organisation. Finally, privacy-preserving techniques will be used in data storage and smart contracts to protect clients’ privacy.” – Prof. Christos Xenakis, Department of Digital Systems, University of Piraeus

Innovative solutions in mitigating cyber security risks

SECONDO will provide an innovative platform that will contribute to mitigating cyber security risks by investing in cyber security as well as outsourcing residual risks. In turn, this will facilitate a more efficient and straightforward way of complying with the GDPR throughout EU countries. Regarding economic impacts, both SMEs and large organizations will be able to mitigate cyber risk through economically viable and effective cyber security solutions. They will also substitute expensive consultation on cyber security strategies and investments with the SECONDO platform and knowledge acquired from the project outcomes. Furthermore, the project results will help businesses to ensure for their customers higher levels of security making their services more attractive than before, therefore increasing their customer’s portfolio. Cyber insurers will also benefit from the results of the project by providing cyber insurance contracts with more affordable premiums for clients, thus attracting more clients.  The more affordable premiums may also encourage the underwriting of individuals to ensure their personal data value and implement basic cyber security controls to protect them.

Read more details on the SECONDO mini-site and find out more about the latest update, project results, and benefit to its end-users.