Safe Security and Booz Allen Hamilton Launch a Next-Generation Integrated Risk Management-as-a-Service (IRMaaS) Offering

Rhea-AI Summary

Safe Security and Booz Allen Hamilton (NYSE: BAH) have launched a next-generation Integrated Risk Management-as-a-Service (IRMaaS) suite of offerings. The collaboration combines Safe Security's AI-powered CRQM platform SAFE One with Booz Allen's expertise in cybersecurity strategy and risk management.

The service provides continuous cyber risk assessments, cyber program strategy design, regulatory compliance reporting, and third-party risk management. The offering leverages data-driven insights and AI technology to help organizations monitor and manage cyber risks in financial terms, based on the FAIR™ CRQ framework. Early IRMaaS pilot programs have demonstrated measurable success, including significant cost savings through automation and optimized cyber defense strategies.

Positive

• Partnership combines complementary capabilities in cybersecurity risk management
• Early pilot programs demonstrate measurable success and cost savings
• Service offering addresses growing market demand for integrated cyber risk solutions

Negative

• None.

Insights

Technology Analyst

The partnership between Safe Security and Booz Allen Hamilton marks a significant advancement in cybersecurity risk management services. The integration of Safe Security's AI-powered CRQM platform with Booz Allen's cybersecurity expertise creates a comprehensive solution that addresses critical market needs. The IRMaaS offering introduces automated risk assessment capabilities and financial quantification of cyber risks, which are increasingly important for enterprise decision-making.

The solution's ability to provide continuous monitoring and data-driven insights positions it well in a market where real-time risk assessment is becoming crucial. The inclusion of regulatory compliance support for various frameworks (NYDFS, NIS-2, OSFI) adds significant value. Early pilot program success suggests strong market potential, though specific financial metrics weren't disclosed.

Financial Analyst

This strategic partnership could positively impact Booz Allen Hamilton's commercial revenue stream by expanding its cybersecurity services portfolio. The offering addresses growing market demand for quantifiable cyber risk management solutions, particularly important given increasing regulatory requirements and board-level cyber risk oversight. The managed services component suggests potential for recurring revenue growth.

While specific financial terms weren't disclosed, the partnership leverages Booz Allen's existing client relationships and consulting expertise while adding new technology capabilities. The successful pilot programs and cost savings demonstrations could accelerate enterprise adoption, potentially driving meaningful revenue growth in Booz Allen's commercial sector.

SAN JOSE, Calif., Dec. 18, 2024 /PRNewswire/ -- Safe Security, a leading provider of cybersecurity risk quantification and management (CRQM) software solutions, and Booz Allen Hamilton (NYSE: BAH), today launched a next-generation Integrated Risk Management-as-a-Service (IRMaaS) suite of offerings. The offerings are designed to enable organizations to continuously monitor and manage cyber risk in the face of ever-evolving cyber threats by leveraging data-driven insights powered by cutting-edge technology and advisory services.

The collaboration combines Safe Security's AI-powered CRQM platform - SAFE One - which operationalizes the industry-leading FAIR™ CRQ framework with the deep expertise in cybersecurity strategy, risk management, and digital transformation services of Booz Allen's Global Commercial business. The result is an innovative set of solutions that enable business and security leaders to make objective decisions around how best to protect their organizations from cyber threats by measuring and managing risk in financial terms, based on data analytics of telemetry data and fit-for-purpose risk management frameworks (RMF).  

Key Client Benefits: 
Through this initiative, clients will benefit from a variety of data-driven services including:

• Continuous Cyber Risk Assessments: Clarity into the top cyber risks impeding cyber resilience and the technical vulnerabilities underpinning them (AI, cyber, 3^rd party, etc.)
• Cyber Program Strategy Design and Budget Optimization: Tailored strategies to prioritize and optimize cybersecurity investment strategies using metrics based on financial terms
• Regulatory Compliance and Risk Reporting: Support for clients' boards of directors and compliance with regulations and requirements such as NYDFS, NIS-2, OSFI, PCI, SEC, etc.  
• IRM Program Transformation and Managed Services: End-to-end program design, build, and operational support
• Third Party Risk Management (TPRM): Program Advisory and Managed Services to address supplier-related risks

IRMaaS pilot programs have already demonstrated measurable success, including significant cost savings through automation and optimized cyber defense and risk management strategies.

This collaboration underscores Booz Allen's and Safe Security's shared commitment to empowering organizations with state-of-the-art tools and strategies for navigating the increasingly complex cybersecurity landscape. Together, they are setting a new standard for proactive risk management in the digital era.

Quotes from Leadership:
"Collaborating with Booz Allen's Global Commercial business allows us to combine our technological innovations with their approach to cybersecurity as a business-enabling function, delivering a powerful suite of solutions to meet the complex cyber risk management demands of today," said Saket Modi, CEO of Safe Security.

"We are excited to collaborate with Safe Security and deliver this transformative solution," said Michael Vallone, Global Director of Cyber Risk Solutions in Booz Allen's Global Commercial business. "Together, we are addressing the pressing need of organizations to strengthen their cybersecurity and risk management programs to improve operational resilience against emerging threats with accuracy, precision, and speed through high fidelity decision support."

About Safe Security
Safe Security is the leader in AI-driven cyber risk management. It has redefined cyber risk measurement and management with its real-time, data-driven approach that empowers enterprise leaders, regulators, and cyber insurance carriers to understand cyber risk in an aggregated yet granular manner. The recent acquisition of RiskLens brings together the power of the world's most advanced cyber risk analytics model (FAIR), supported by practitioners in over 50% of Fortune 500 companies, with the world's most advanced AI-fueled Cyber Risk Cloud of Clouds, processing over three billion signals a day.

Visit safe.security and follow us at @SafeCRQ to learn more.

View original content:https://www.prnewswire.com/news-releases/safe-security-and-booz-allen-hamilton-launch-a-next-generation-integrated-risk-management-as-a-service-irmaas-offering-302334910.html

SOURCE Safe Security

FAQ

What is the new IRMaaS offering launched by Safe Security and Booz Allen (BAH)?

It's a next-generation Integrated Risk Management-as-a-Service offering that combines Safe Security's AI-powered CRQM platform with Booz Allen's cybersecurity expertise to help organizations monitor and manage cyber risks.

What key benefits does the Safe Security and BAH IRMaaS solution provide?

The solution provides continuous cyber risk assessments, cyber program strategy design, regulatory compliance reporting, third-party risk management, and program transformation services.

How does the BAH and Safe Security IRMaaS measure cyber risks?

The solution measures and manages cyber risks in financial terms, using data analytics of telemetry data and the FAIR™ CRQ framework.

What regulatory compliance requirements does the BAH-Safe Security IRMaaS support?

The solution supports compliance with regulations including NYDFS, NIS-2, OSFI, PCI, and SEC requirements.

What results have been demonstrated in the BAH-Safe Security IRMaaS pilot programs?

The pilot programs have demonstrated measurable success, including significant cost savings through automation and optimized cyber defense and risk management strategies.