In a landscape saturated with over 130 security tools, the stark reality is that, despite significant investments, external attackers breach network perimeters in 93% of cases within just two days.
A recent report from ThoughtLab also found that, when asked, 29% of CEOs and CISOs and 40% of chief security officers admit their organisations are unprepared for today’s rapidly changing threat landscape.
Growing pressure for security evolution
As cyber threats grow more sophisticated, there are now widespread calls for reform and increasing regulatory pressures on global organisations to improve their cyber resilience.
The US Securities and Exchange Commission (SEC) has recently amended its legislation to enforce tougher reviews of cyber risk management from the boardroom.
In particular, they highlight the importance of board members having access to an accurate, real-time understanding of cyber risk posture. And, following these measures, the European Union is also set to introduce the Digital Operational Resilience Act (DORA), which focuses on imposing greater internal security processes and resilience measures within global organisations.
Boardroom imperatives
As these recommendations become compulsory, organisations will need to show they have a proactive approach to security and will be expected to prove the effectiveness of the steps they’re taking. To do this successfully, business leaders and board members will need to have:
- precise measurement of the company’s risk posture
- data-driven, real-time reporting of security threats
- proven strategies to minimise data breach costs
- cost-centric cyber risk conversations within a robust business context
- real-time compliance status updates.
Embracing Cyber Risk Quantification (CRQ)
Leading industry experts are now pointing toward the potential value that Cyber Risk Quantification (CRQ) could offer organisations. It’s a methodology designed to objectively measure enterprise-wide cyber risk and calculate the financial impact of a breach on operations.
A recent study from Gartner found that 70% of Security Risk Management leaders are now planning to adopt a CRQ solution in the next two years.
By applying this method, organisations can gain a better understanding of the risks and security gaps across their estate. Then, with access to reliable figures, they can have data-driven and impact-oriented boardroom discussions around these security risks and how they should address them.
The latest ‘Cost of a Data Breach’ Report from IBM and the Ponemon Institute even suggested that using risk quantification methods can reduce the cost of a potential data breach by 48%.
Empowering with SAFE Security
We’ve partnered with SAFE Security to deliver their cyber risk quantification management (CRQM) platform to our customers. Using this AI-based platform, we can work with you to reliably monitor your cyber risk posture consistently across your entire estate.
It will assess the configuration and risk coming from your users and infrastructure to build a real-time view of your risks and then deliver a set of actionable insights. This then enables efficient cyber security communication, investment, and risk sharing.
A risk score is calculated using real-time data signals from across your organisation and external threat intelligence. This provides a consistently accurate and predictive measurement of your financial risk, at any time. The solution has been awarded the best Risk Management Product by the 2022 CISO Choice Awards.
To find out more about how we could help your organisation navigate the journey towards effective and real-time Cyber Risk Quantification, please read our datasheet.
