How to Do Cyber Risk Quantification
The Best Tactics for Quantifying Cyber Risk, One Step at a Time
An Updated, Quick Approach to Cyber Risk Quantification
Defining the CRQ Assessment Scope
A robust cyber risk quantification assessment offers a comprehensive insight into an organization's unique risk landscape. To do so, cybersecurity leaders must identify key assets, map system structures, and provide other crucial information such as industry, location, and revenue band. This process can either be done manually or via integration and offers essential context for subsequent quantification runs.
Customized Threat Analysis
Kovrr's CRQ platform has the capability to integrate with any internal system or third-party service tool to map a company's various assets and unique risks. Utilizing this objective information in combination with data from continuously updated external threat intelligence sources, the CRQ models produce a range of customized financial loss forecasts according to various cyber events and loss scenarios.
Analyzing Custom Loss Scenarios
Once the initial quantification is complete, cybersecurity leaders can easily explore their organization's cyber risk landscape, reviewing the likelihood of experiencing a cyber event along with the respective financial damages. These customized insights provide these cyber risk managers with the information necessary to develop data-driven strategies that prioritize initiatives according to the potential impact and overall risk appetite levels.
Reviewing the Financial Benefits
The benefit of Kovrr's on-demand CRQ is that it has exclusive access to insurance loss intelligence, providing our models with hundreds of thousands of real-world financial impact data records. This visibility offers the organization's highly accurate monetary loss scenarios, enabling a deeper understanding of the investment required to make progress and reach desired risk appetite and tolerance levels.
Developing Risk Mitigation Strategies
The financial forecasts, more easily obtained with an on-demand CRQ platform, equip CISOs to make the most cost-effective management decisions, such as risk transfer, mitigation, or absorption, and justify these strategies to the board. For instance, the CRQ assessment may reveal that, contrary to previous assumptions, it's more economical to adopt a cyber insurance policy than to pursue internal mitigation efforts.
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How to Do Cyber Risk Quantification FAQs
Speak to an Expert to Learn MoreIs it possible to conduct a CRQ assessment without taking too much time?
What benefits do system integrations provide during the CRQ process?
What is Kovrr’s Cyber-Sphere, and why is it important?
Can I modify any information the CRQ platform pulls from integrations?
Leveraging On-Demand CRQ Integrations for Quick, Accurate Results
Understanding the organization’s cyber risk landscape is crucial for strategic planning. However, for results to be practicable, they need to be gleaned in a timely manner. Learn more about Kovrr’s on-demand CRQ approach and quick time-to-value today!
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