Office Hours with Jack Freund, PhD - Monthly Product Review - April 2024
Thinking About, Talking About, and Managing Cyber Risk
Calculating the Core of Cyber Risk
One of the main components of Kovrr's CRQ platform is the loss exceedance curve, which highlights the various cybersecurity scenarios an organization is likely to experience, the likelihood of experiencing them, and their associated costs. This quantified data is calculated by leveraging Monte Carlo simulations, and the outputs drive the rest of the metrics offered in our solution.
Reviewing a Range of Outcomes
The loss exceedance curve highlights a range of possible outcomes, each of which tells a story about the organization's cyber risk landscape. For instance, a company may have an 87% likelihood of suffering an event that results in $14 thousand worth of damage but a 23% likelihood of experiencing an incident that ends up costing $2 million. These data points assist with risk mitigation decisions.
Right Sizing Cyber Insurance Programs
Another practical feature Dr. Freund showcases in this Office Hours session is Kovrr's risk transfer, or cybersecurity insurance, analysis. This component of the CRQ platform allows CISOs and CFOs to determine whether insurance policies are cost-effective and if deductibles are appropriately priced. By understanding the likelihood of exceeding various thresholds, these business leaders can negotiate for more optimized terms.
Comparing Cyber Risk With Peers
Management teams and C-suite executives often want to know how well their organization is performing compared to peers. Kovrr's cyber risk quantification platform offers this information, helping business leaders decide whether to invest more in cyber risk management. Users can explore comparison metrics, such as the average likelihood of experiencing an event, according to industry and revenue size.
Exploring Additional Event Statistics
In addition to financial loss forecasts, Dr. Freund also showcases the other cyber event metrics Kovrr's CRQ platform provides based on the results of the Monte Carlo simulations. CISOs and other cybersecurity professionals have access to the median number of downtime hours they should expect to face in case of an incident, as well as the number of data records that will be compromised.
Office Hours April 2024 FAQs
Speak to an Expert to Learn MoreDoes Kovrr’s Risk Progression highlight changes in cyber posture over time?
Why would my cyber posture change without organizational updates?
Is it possible to reduce my financial exposure due to cyber risk down to zero?
How can Kovrr’s CRQ help align mitigation efforts with organizational goals?
Ready to Align Cyber Risk Management With Business Goals?
Actively managing cyber risk requires all key stakeholders to be on the same page. Translating cyber risk into tangible financial terms makes this communication process much more straightforward. Contact us today to learn more practical tips for CRQ.
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