Cyber risk quantification is an effective cybersecurity strategy that allows organizations to demonstrate their risk-based governance and oversight to regulatory bodies as well as provide timely disclosure of material risk or cyber incidents.
With the increased number of regulations concerning cybersecurity governance and oversight and the mandatory disclosure of both material risks and material cyber incidents, it's increasingly important to identify your critical digital assets and articulate risk scenarios in financial terms.
By decomposing your cyber risks using cyber risk quantification, boards have data-driven recommendations to improve their oversight of cyber risks. In addition, CRQ enables organizations to promptly disclose the financial impact of a cyber incident, ensuring regulators and stakeholders are informed with speed and accuracy.
We perform CRQ using the FAIR standard and method, which allows you to decompose risk into a frequency, the probability of the risk happening as well as the probable range of impacts in financial terms.
CRQ provides boards and executive management with clear, data-driven insights, enabling them to improve their cyber risk oversight.
When cyber incidents occur, CRQ allows organizations to swiftly identify and disclose any material risk or material cyber incidents to the necessary authorities because the critical digital assets have already been identified and quantified.
Cyber Risk Quantification plays a pivotal role in ensuring that companies not only understand their cyber risks but also meet the stringent regulatory requirements set by various regulatory bodies.
The increasing number of regulations on cyber resilience and the disclosure of material risk and material cyber incidents, including Articles 5 and 6 of DORA, IDW PS 340 and the final rules from the SEC, underlines the importance of identifying your digital assets and scoping risk scenarios in financial terms.
In addition, decomposing risk with Cyber Risk Quantification improves the board's cyber risk oversight. It also allows boards to quickly disclose the materiality of a cyber incident.
Removes ambiguity in terminology, and provides strong basis for key cybersecurity oversight and governance obligations as per IDW PS 340, the SEC, and DORA Articles 5 and 6 by performing CRQ using the FAIR methodology.
Risk-based and data-driven reports underscore your organization's commitment to cyber and technology risk management and cybersecurity governance. The materiality of risks or incidents can be quickly assessed and disclosed with quantification.
Cyber Risk Quantification drives more informed decision-making, aligning IT and business goals, and improving your organization's cybersecurity governance with improved risk-based reports and assessments.
Cyber risk quantification offers a data-driven approach to assess, prioritize, and manage your organization's cyber risks effectively. CRQ can elevate your security posture and improve compliance.
We use the FAIR framework to ensure risks are identified and measured consistently across an organization using a common language for risk.
Make defendable investment decisions on security controls to reduce risk and improve security, ensuring you're spending where it matters most for compliance, security and resilience.
Our risk reports translate cyber vulnerabilities into financial metrics, so stakeholders can assess threats in business terms and meet compliance requirements.
By prioritizing threats based on their potential financial impact we ensure that decision-makers are provided with actionable insights.
Control assessments identify control gaps and use quantitative risk analysis results to ensure controls evolve inline with emerging threats.
Our risk reports translate cyber vulnerabilities into financial metrics, so stakeholders can assess threats in business terms to meet compliance requirements.
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The new SEC rule states that information is considered "material" if a reasonable person would find it important when making an investment decision, or if it significantly affects existing publicly available information about a company.
GRC stands for Governance, Risk Management and Compliance.
Governance refers to the policies, processes, and procedures that an organization has in place to manage cybersecurity risk.
Risk Management deals with identifying, assessing, and prioritizing potential threats, then addressing them.
Compliance ensures that the organization is adhering to external and internal standards and regulations related to cybersecurity. Together, these components provide a holistic framework for safeguarding an organization's digital assets.
A risk-based approach identifies the top risk scenarios and prioritizes strategy decisions to mitigate the material impact of the risk.
C-Risk is a recognized expert in Cyber Risk Quantification using the FAIR™ methodology. We provide CRQ solutions, advisory services and training.
