Speakers
Synopsis
Background
As the attack surface is continuously expanding, security practices evolve in order to better understand their combined exposure to threats and address gaps in every organization’s posture
The landscape of cybersecurity threats has significantly evolved. Organizations today are learning that they are constantly under attack and in a fast-paced, constantly shifting environment
The conventional security strategy has limitations
In today’s world, attackers are increasingly sophisticated and can exploit new vulnerabilities to gain access to systems. Traditional security strategies often rely on signature-based detection, which can be easily bypassed by threat actors. As a result, organizations need to adopt a more comprehensive approach to security that goes beyond simply protecting their perimeter
While attacks have become more sophisticated, organisations see continued pressure to reduce costs. CISOs are struggling to demonstrate the return and must continuously call out the "compliance" card. CISOs need a new way to justify budgets and risks they are managing - this is where risk quantification comes in
Findings
- Market Trends - Attack Sophistication; Lack of required skillset; Alert fatigue & false positives; Complexity of threats; Evolution of Threat landscape
(insert graph - attack sophistication / response time)
Possible solution
Risk quantification focuses on identify and quantifying risks to the organisation. By aligning vulnerabilities to CIs/systems, systems to data, data to business processes and business processes to strategic goals - you have a way of directly correlating a specific threat to a business/strategic goal. As each business/strategic goal has a measurable dollar value (e.g. increase sales by 5%) - a failure of that process or disclosure of data etc can be directly attributed to a goal and therefore quantified in terms of loss
Presentation will demonstrate how organisations can start on their risk quantification journey.
What is Cyber Risk Quantification?
Cyber risk quantification (CRQ) is the process of measuring the potential financial impact of cyber threats and vulnerabilities in business-relevant terms.
CRQ also helps organizations prioritize and allocate resources effectively for cyber risk mitigation and response.
CRQ is the process of taking a data-driven approach to calculate cyber risk exposure and its potential financial impact to an organization in business-relevant terms. CRQ is about improving the quality of cybersecurity decision making, so we can be reasonably confident to answer the following questions:
How much cyber risk do we have?
Are we secure enough? Are we within our risk appetite?
Which cyber risk(s) should we manage first?
Which security area(s) we should focus on to invest?
And why is that? How do we know we are focusing on the right things?
Why Cyber Risk Quantification is Essential?
The C-suite needs to know the cybersecurity risks and associated costs in dollars terms for informed decision making and allocate sufficient cyber security budget.
Accurate determination of cyber insurance coverage and selecting the most appropriate risk mitigation solutions and ensuring ROI.
Effective risk remediation and resource allocation.
