RSA, a global cybersecurity leader delivering Business-Driven Security solutions to help manage digital risk, unveils the RSA Archer Cyber Risk Quantification use case that helps business users quantify their organisations’ financial risk exposure to cybersecurity events. It gives CISOs the ability to prioritise risk mitigation efforts using a quantification-based assessment of the business and financial impact that a breach or vulnerability would expose. The quantification of cyber risk will empower CISOs to better communicate the impact in financial terms at the Board and senior management levels of an organisation.
Between the constant expansions of today’s technology infrastructures and the ever-growing number of cyber threats, organisations struggle to identify, understand and translate cyber risk into business risk. Many organisations’ current cyber risk management processes are manual, leading to disconnected efforts, ineffective controls, or piles of data with little actionable value. According to Gartner, “Digital risk leaders need an enterprise-wide view of risk to bridge the communication gap with CEOs and to articulate the potential risk impact on the business outcomes that their organisations value most.”
“Under the threat of high-profile cyberattacks and data breaches, executives and corporate Boards are starting to ask more informed questions about their organisations’ risk exposure,” said David Walter, Vice President, RSA Archer. “RSA Archer Cyber Risk Quantification gives security teams the tool they need to quantify and communicate their cyber needs in a language that business leaders can easily understand. This helps clarify priorities for security investments and also helps with planning for risk transfer methods such as cybersecurity insurance.”
“The global information security market is forecast to grow at a CAGR of 8.1% to reach $121.6 billion in 2021.” However, cybercrime damages, such as loss of data, theft of IP and fraud, will cost companies $6 trillion annually by 2021. Prioritising and rationalising investments to improve an organisation’s security posture, or deciding to transfer risk, is becoming a significant challenge for CISOs today.
Armed with a holistic understanding of their organisations’ cyber risk, IT risk and security teams can calculate and demonstrate the value of cybersecurity initiatives for senior management. With RSA Archer Cyber Risk Quantification, users can more easily assess the efficacy of their existing cyber risk programs and prioritise top risk reduction opportunities, including identifying the areas of loss for which to consider cyber insurance.
Through a partnership with RiskLens, a leading provider of cyber risk quantification solutions, key features and capabilities in RSA Archer Cyber Risk Quantification include:
- Built-in risk calibration and analysis engine for cyber risk calculation
- Templatised workflow for easy scenario modelling
- On-demand risk analytics for answers to questions on the fly
- Mathematical simulations to build your risk profile with limited data
- Existing loss tables based on industry data
- Easy-to-use SaaS application
- User-friendly interface
“Common risk management practices are often a barrier to achieving strategic business outcomes. By proactively assessing risk appetite and the value of the desired business outcome, CIOs and CISOs can transform digital risk management into a competitive advantage,” according to Gartner.