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Cyber risk quantification involves the app … Cyber risk quantification involves the application of risk quantification techniques to an organization's cybersecurity risk. Cyber risk quantification is the process of evaluating the cyber risks that have been identified and then validating, measuring and analyzing the available cyber data using mathematical modeling techniques to accurately represent the organization's cybersecurity environment in a manner that can be used to make informed cybersecurity infrastructure investment and risk transfer decisions. Cyber risk quantification is a supporting activity to cybersecurity risk management; cybersecurity risk management is a component of enterprise risk management and is especially important in organizations and enterprises that are highly dependent upon their information technology (IT) networks and systems for their business operations. One method of quantifying cyber risk is the value-at-risk (VaR) method that is discussed at the January 2015 World Economic Forum meeting. At this meeting, VaR was studied and researched and deemed to be a viable method of quantifying cyber risk. A well known framework for cyber risk quantification is called FAIRTM (Factor Analysis of Information Risk). The FAIR Institute is a non-profit professional organization committed to furthering the science of cyber and operational risk measurement and management. Cyber-Risk Quantification can be an automated or software supported process allowing Users to construct mathematical models to quantify Cyber-Security risks. Cyber risk quantification has gotten increased attention in 2022 with Forrester research analysts beginning to cover the space. Their recent report, The Emerging Cyber Risk Quantification Market: When CISOs Need Decisions, Not More Dashboards highlights the FAIR Model, as well as new entrants in the space who are taking different approaches. One such vendor is Axio Global, which raised $23M to help companies quantify cyber risk.23M to help companies quantify cyber risk.
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http://www3.weforum.org/docs/WEFUSA_QuantificationofCyberThreats_Report2015.pdf +
, http://www.axio.com +
, https://www.gccapitalideas.com/2018/06/20/better-quantifying-cyber-exposure-will-help-determine-risk-finance-needs/ +
, https://www.fairinstitute.org +
, https://www.tandfonline.com/doi/full/10.1080/13669877.2021.1900337 +
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| rdfs:comment |
Cyber risk quantification involves the app … Cyber risk quantification involves the application of risk quantification techniques to an organization's cybersecurity risk. Cyber risk quantification is the process of evaluating the cyber risks that have been identified and then validating, measuring and analyzing the available cyber data using mathematical modeling techniques to accurately represent the organization's cybersecurity environment in a manner that can be used to make informed cybersecurity infrastructure investment and risk transfer decisions. Cyber risk quantification is a supporting activity to cybersecurity risk management; cybersecurity risk management is a component of enterprise risk management and is especially important in organizations and enterprises that are highly dependent upon their information technology (ITdent upon their information technology (IT
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| rdfs:label |
Cyber risk quantification
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