Blog Post
Kovrr Highlighted in Gartner's CRQ Category in Gartner® Hype Cycle™
October 11, 2023
Kovrr has been recognized in the Gartner Hype Cycle for Cyber Risk Management this year. We believe this recognition serves as a testament to our commitment to empowering enterprise decision-makers to manage cyber exposure more effectively with in-depth risk analyses.
The Gartner Hype Cycle: Identifying Technology Trends
Gartner's annual Hype Cycles identify emerging technologies and trends that may impact the industry. According to the report, “Security and risk management leaders should use this research to evaluate the impact of new and evolving solutions to inform appropriate adoption decisions.”
To us, being included in the Cyber Risk Management Hype Cycle signifies the importance of implementing CRQ within a company's overall cyber risk management programs. With financially quantified insights about the types of cyber events likely to occur and their potential ramifications, enterprises can stay proactive, an invaluable strategy given the inevitability of suffering from a cyber attack.
The Growing Power of Financial CRQ
As cyber risk has steadily embedded itself in both our personal and work environments, a deep understanding of its nature and tendencies has become necessary to protect ourselves. Financial quantification models leverage historical trends and incidents, along with a customized company profile, to predict the precise probability of a cyber event taking place within a given year.
Risk Prioritization
Armed with this quantified knowledge, organizations can prioritize risk mitigation action plans against those threats that are most likely to occur and most likely to cause resounding financial losses.
Nowadays, it's virtually impossible for the CISO to address all of the organization's risks simultaneously; there usually isn't the budget or staffing. Resources can be allocated more appropriately by illuminating the most pressing vulnerabilities with CRQ.
Communication With Non-Cyber Executives
While executives worldwide are beginning to recognize the importance of bringing cybersecurity into overall business planning, the US SEC's July 2023 regulations mandated it.
A widespread industry issue is that CISOs and board members speak two different languages. However, financial CRQ serves as the penultimate mechanism for translating cybersecurity terms into business-speak. This invaluable tool helps the CISO communicate risk in monetary value, ensuring the total weight of cyber events is understood fully by everyone in the room.
Demonstrating Cost-Effectiveness
In the current volatile market, executives across industries have been compelled to slash budgets wherever possible. Cybersecurity departments haven’t been immune to the economic downturn, and consequently, CISOs must be able to justify their spending initiatives and demonstrate a positive ROI. However, with traditional tools, explicitly demonstrating their cost-effectiveness is incredibly challenging.
Fortunately, a financial quantification solution quickly renders a cybersecurity initiative's ROI transparent and accessible. In fact, Kovrr's platform provides scenarios illuminating that if an organization upgrades its compliance measures, it'll save a corresponding amount of money if a cyber event occurs.
The CISO can then plan the most financially sound mitigation method available:
- Implement tighter security controls.
- Take on a greater risk appetite.
- Transfer the risk to an insurance agency.
Whatever they choose, they can easily justify their decisions to a C-suite that's looking to optimize resources and cut costs.
On-Demand, Granular Cyber Risk Insights With Kovrr
At Kovrr, we have always believed in the power of data-driven decision-making when managing cyber risks. Our approach to CRQ is built from the group up, fostering objective, evolving insights that lead to organizational preparedness and minimized loss.
With our innovative models, the Kovrr platform reveals the precise units in which your vulnerabilities are located, such as group, subsidiarity, and business.
Moreover, thanks to our unique business trajectory, Kovrr has exclusive access to large-scale insurance data and offerings, ensuring financially quantified assessments are validated based on data from millions of global companies. Leveraging real-world cyber event scenarios, our CRQ offers honed results that guarantee accurate organizational financial planning.
Navigating Towards a Secure, Quantified Digital Future
Amidst a highly dynamic cyber landscape that presents new risks daily, a quantified understanding of your organization’s vulnerabilities is imperative to staying ahead of the curve in terms of cyber risk management. A CRQ provides a roadmap for aligning program strategies with the most pressing issues, guiding you aptly and safely through the precarious terrain.
As we look towards the future, Kovrr remains dedicated to advancing financial cyber risk quantification methods and risk management processes. Together, we can shape a more secure future for your organization.
Schedule a free demo today.
Objectivity Disclaimer
Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Hype Cycle for Cyber Risk Management, 2023 Published 25 July 2023.
GARTNER and HYPE CYCLE are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
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