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Cyber Risk Quantification Use Case: Justify, Prioritize Resource Allocation

by Jeff B. Copeland on July 18, 2022

Use Case:

Efficient allocation of people, processes, and budget to maximize risk reduction, based on quantitative cyber risk analysis with the RiskLens platform.

The Problem:

CISOs face conflicting pressures to secure digital transformation and other initiatives while defending against an unrelenting threat landscape.

They need a way to prioritize mitigation for identified security gaps, justify investments in new cybersecurity initiatives, and communicate to stakeholders in the financial language of business: return on investment for risk reduction.

It’s a balancing act. But too often their available tools – CVSS scores, qualitative, best-guess red/yellow/green risk ratings, maturity scores based on checklists for controls frameworks – just produce noise and don’t support disciplined decision-making or effective communication to CFOs or other budget deciders.

Watch a RiskLens Webinar: Improving Cybersecurity Prioritization & Justification Challenges with Risk Quantification

The Solution:

Using the enterprise-level RiskLens platform for quantitative cyber risk analysis, with these features

>>Curated, industry specific risk data for analysis, augmented with the organization’s internal data

>>Rapid risk assessment to rank cyber risk scenarios for loss exposure in dollar terms

>>Detailed risk analysis of identified top risks, to reveal the drivers of risk and focus remediation

>>Risk treatment analysis to game out relative reduction in loss exposure for controls or process changes, insurance purchase or risk acceptance.

Case Study:

Tech Company Quickly Identifies Top Cyber Risks with Quantitative Analysis

In high tech organizations, risk management often takes a backseat to product development because it is seen as an offramp in the way of speed to market. The risk management team at a major tech company found a way to break through that mindset

Outcomes:

Prioritize and Communicate Your Cybersecurity Roadmap:

Give strategic direction to a security program on a solid base of quantitative analysis, with clear and defensible justification for initiatives based on maximum risk reduction for time and dollars invested.

Responsibly Shift or Reduce Investments:

Remove or change controls or security processes with confidence, using comparative analyses on the RiskLens platform.

Communicate Trade-offs in Financial Terms:

The RiskLens platform generates risk reporting in the financial language that leaders expect to understand their range of options and probable impacts on the business.