Cyber Risk Quantification
Focusing on the crown jewels across the business value chain in order to gain a real understanding of the risks. Cyber economics are also introduced to identity the most cost-efficient mitigating actions per customer.
What is Cyber Risk Quantification
A risk assessment approach through which Cybersecurity Risk is expressed in economic terms in order to provide a better understanding to business stakeholders.
It acts as a bridge between technology and business objectives and can be utilized to undertake rational and proportional action plans.
It provides a method to calculate the return on investment (ROI) of security initiatives.
Differentiation from Qualitative approach:
While the Qualitative Risk Analysis provides a consistent input on risk exposure, it is difficult to be interpreted by the business decision makers.
Cyber Risk Quantification does not cancel the traditional method of Qualitative Risk Analysis, but further expands it in order to provide a risk analysis and decision tool that will facilitate the design of appropriate and cost effective mitigation plans, while it will also provide more meaningful information to the decision makers.
How Cyber Risk Quantification is applied ?
We focus on the identification of Organization’s crown jewels throughout the business value chain and the applicable loss events, relevant to the associated industry sector.
Following, we map the events to potential cyber threats in order to create a list with possible Cyber Security Threats scenarios.
Each scenario is analyzed in cooperation with the respective Business Owners in order to appropriately integrate Cyber Economics and translate the Cybersecurity Threat Scenario into monetary terms and be expressed as economic impact.
Finally, we design the respective mitigation plans calculating the ROI through a cost-effective approach, proportionate to the quantified risk and to Organization’s P&L.
What is Cyber Economics : Measure and optimize financials related to Cybersecurity Risks and investments