Tapestry: A Tool for Managing Integrated Cyber Risk
Cyber-attacks and the security response are high growth industries projected to exceed $248 billion by 2023. Organizations struggle to identify the most important financial risks these attacks can impart on their operations and this leads to misallocation of scarce resources. The increasing costs of cyber-attacks created a new market, exceeding $17.5 billion by 2023, for insurance related to cyber security. While the cyber problem is increasingly evident to both businesses and insurers, there are not many well developed tools to assess and manage risk required by both insurance companies and those who are in the market for such insurance. University of Maryland (UMD) research developed a patent-pending analytic method and scoring technology that can guide risk assessment for individual organizations and their infrastructure to target and quantify cyber risks throughout an organization.
The Maryland Innovation Initiative (MII) was created as a partnership between the State of Maryland and five Maryland academic research institutions (Johns Hopkins University; Morgan State University; University of Maryland, Baltimore; University of Maryland, Baltimore County; University of Maryland, College Park). The program is designed to promote commercialization of research conducted in the partnership universities and leverage each institution’s strengths. The grant provided will help transform the academic framework developed at UMD into a commercial product (TAPESTRY) that enables its use across the private and public sector. Tapestry represents a novel approach combining patent pending methods from UMD with breakthrough algorithms and statistical software tools to assess integrated risk in complex organizations.
8/1/2020 - 5/1/2021
Other Maryland Innovation Initiative
Total Award Amount: $115,000