Office Hours with Jack Freund, PhD - Monthly Product Review - January 2024
Translating Risk Into Tangible Business Outcomes With CRQ
Transforming Cyber Data Into Stories
CRQ provides CISOs with a loss exceedance curve, highlighting a range of potential loss scenarios for the upcoming year. Each data point along this statistical curve tells a story. For instance, a business can have a 13% likelihood of experiencing a cyber event that results in more than $2 million loss. Armed with this information, CISOs have a better understanding of what they need to plan for.
Making Decisions With Data-Driven Insights
Instead of relying on subjective outputs, such as those typically gleaned from more manual assessment methods like the cyber risk matrix, cybersecurity leaders can harness objective, data-driven insights to build prioritization strategies. Kovrr's cyber risk quantification models incorporate hundreds of externally validated, continuously updated datasets to ensure that our forecasts lead to highly accurate results, fostering trust amongst senior stakeholders.
Elevating Cyber Risk Governance
Another benefit of Kovrr's CRQ platform that Dr. Freund highlights in this Office Hours session is its ability to translate complex cyber risk metrics into terms understandable by non-technical members of upper management and the board. As global regulations increase worldwide, demanding the highest levels of the organization take a more active role in cybersecurity, it's crucial to have a common language that all parties can use to discuss it.
Fostering Meaningful Cyber Discussions
Kovrr's cyber risk quantification provides the metrics necessary for facilitating high-level strategization. For example, insights such as the average annual loss give key stakeholders a tangible understanding of the financial damage they stand to face in the upcoming year and allow them to allocate resources accordingly to align with risk appetite levels. Other metrics, such as peer benchmarks, allow organizations to compare their relative investments and adjust if necessary.
Justifying Cybersecurity Spending
In the webinar, Dr. Freund demonstrates how the financial metrics offered in Kovrr's CRQ platform can help CISOs and other cybersecurity leaders justify their spending and secure additional resources. With the monetary forecasts, non-technical stakeholders are more likely to comprehend why the budget is being utilized in such a manner and, therefore, offer additional buy-in. Moreover, Kovrr's CRQ also has a built-in cybersecurity ROI calculator, offering even more financial insights into the cost-efficiency of security control upgrades.
Office Hours January 2024 FAQs
Speak to an Expert to Learn MoreWho is Jack Freund, Ph.d., and what does he do at Kovrr?
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Want More Expert CRQ Insights?
Kovrr’s CRO, Jack Freund, Ph.d., hosts an Office Hours session monthly, giving others the opportunity to explore the CRQ platform. If you can’t wait until the next lesson to ask your question, reach out to one of our cyber risk management experts today!
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