PRESS RELEASE – ITWAY GROUP: PARTNER FOR ITALY, GREECE AND TURKEY FOR RISKRECON, A MASTERCARD COMPANY, FOR MANAGED SERVICES IN THE FIELD OF THIRD PART RISK MANAGEMENT. EXPECTED ADDITIONAL REVENUES IN 3 YEARS EURO 6MLN
Ravenna, 30th June 2023 – Itway S.p.A., a company listed on the main market Euronext Milan, head of the Group that operates in the IT sector for the design, production and distribution of technologies and solutions in the cybersecurity, artificial intelligence, cloud computing and big data sector, continuing its growth and expansion plans, has signed a strategic partnership with RiskRecon, a Mastercard® Company, through Cyber Monks GmbH.
Itway strengthens its presence in the Cyber Risk Management segment to provide managed services in Cyber Risk Exposure a basic CyberRisk Assessment activity.
This is a strategic collaboration that sees Itway as partner enabled to provide these services in Italy with the extension of the reselling of RiskRecon, a Mastercard company, services in Greece and Turkey.
The agreement with RiskRecon, a Mastercard company, is expected to generate for Itway additional revenues of 6 millions eur in 3 years.
RiskRecon, a Mastercard company, allows users to obtain an assessment of their risk level (“Cybersecurity Rating & Assessment”). The service provided by Itway with RiskRecon provides a quantitative and objective assessment of one’s level of security with summary views-including an overall security rating on a scale of A to F-and detailed, even technical, views indicating the specific critical issues highlighted.
Exposed systems and applications are independently identified by RiskRecon, a Mastercard company, by conducting an analysis of the entire corporate perimeter, thus ensuring full visibility of one’s exposure. Through non-invasive analysis, vulnerabilities and misconfigurations are detected, the severity of which is also defined in relation to the criticality of the system to which it pertains, so as to have a real and contextualized risk assessment. The data obtained from the analyses are integrated with information obtained from Mastercard’s Threat Intelligence, which continuously monitors, 365×24, the cybersecurity risk of more than 15 million companies in even the most highly regulated industries, from finance and insurance to aerospace and healthcare.
The data is correlated to provide a quantitative and objective assessment of the risk level of one’s business environment, with summary and detailed views: the data obtained has an accuracy of 99.1 percent, as certified by independent third parties.
In addition to assessing one’s own exposure to risk, Cybersecurity Rating & Assessment services also allow one to assess and monitor the security level of one’s suppliers and partners over time, ensuring that one’s entire supply chain is meeting expected security levels, promptly identifying any vendors that could pose a risk to the Company.
“The partnership agreement with RiskRecon, a Mastercard company, and Cyber Monks represents an important step in Itway’s strategic development plan in the area of Cyber Security” says President G. Andrea Farina “allowing us to enrich our offering Itway Security 360 ™ with strategic services with high added value. The skills of our Security teams, together with the solutions provided by RiskRecon, a Mastercard company, represent a distinctive element in the field of Cyber Security in the countries where we operate and allow Itway to offer its Customers tools and services capable of approaching in a structured way the increasingly complex issue of Cyber Risk Management.”
Angelo Salice, Cyber Resilience Business Unit Director adds “Our goal is to support and guide Clients in the definition and implementation of a security strategy where, through Cyber Risk Exposure rating and assessments, it becomes possible to easily identify the most critical areas and thus define accurate action plans based on risk prioritization, both for their own business context and related to third parties and suppliers”.
Itway Group expects revenues of 6 million euros in the three-year period in the Banking and Insurance, Healthcare, Energy, Education, and Public Administration sectors.
Founded in Ravenna on July 4, 1996, by G. Andrea Farina, Itway S.p.A. heads a group that operates in the IT sector for the design, production and distribution of technologies and solutions in the areas of cybersecurity, artificial intelligence (AI) cloud computing, big data and infrastructure.
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