![]() Deloitte’s The Future of Cyber Survey 2019 And executives can effectively prioritize cybersecurity investments, driving alignment between cyber programs and business goals.ĥ0% of C-level executives use risk quantification tools to track and evaluate their cybersecurity investment decisions Boards have more visibility into what’s at stake for the business in terms of dollar value. CISOs gain a deeper understanding of risk impact which helps them make data-driven decisions. Risk quantification can benefit multiple stakeholders. ![]() Typically, cyber risk quantification uses sophisticated modeling techniques like Monte Carlo simulations to estimate the value at risk (VaR) or expected loss from risk exposure.īy quantifying the dollar impact of a risk event, you can confidently answer questions like “How much should we invest in cybersecurity?”, “What will be the return on investment?”, and “Do we have enough cyber insurance coverage?” It helps you determine which risks to focus on first, and where to allocate your cybersecurity resources for maximum impact. Simply put, it’s the process of measuring IT and cyber risk exposure in monetary terms. ![]() Ambiguous terms have been converted into hard numbers. What you’ve done is inject more accuracy and clarity into your cyber risk assessments. You can quickly come up with a response, get consensus, and take action to protect your business. Which one do you focus on first? Do you spend the same amount of time and resources managing all three risks? It’s difficult to know for sure.īut what if you were told that a malware attack on your organization could cost you $3 million in losses? And that there’s a 60% chance of that loss occurring? Now, things become clearer, both for your IT security team and the business. It gets more challenging when you have 2-3 different risks that are all ranked medium. Defending your point of view can be tough because the term ‘medium risk’ sounds quite ambiguous. You might think a medium risk needs to be mitigated, but the management team might argue that it can be accepted. But these categorizations can be interpreted differently by different people. The traditional approach would be to rank all your risks as high, medium, and low. So, how do you know which risks to tackle first? Or where to focus your cybersecurity investments? From malware and ransomware, to DDoS attacks and zero-day exploits, the risks just keep increasing. Everything you need to know about measuring IT and cyber risksĬISOs and IT security professionals are grappling with more cyber threats now than ever.
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