“All models are wrong, but some are useful.”
In the earliest days of cyber risk management, chief information security officers (CISOs) generally relied on matrices and other subjective risk assessments for strategic planning. However, as it became apparent that this approach oversimplified the risk landscape, producing outcomes that were impractical for high-level communication, these industry professionals increasingly turned towards more data-driven methodologies, such as cyber risk quantification.
Cyber risk quantification (CRQ) is the process of determining, in numerical values, the likelihood an organization will experience a cyber event and the event’s respective financial impacts. When it’s defined in these terms, CISOs and other cybersecurity leaders are empowered to assess cyber risk at the operational level and ensure it is thoroughly understood and managed according to key stakeholders’ broader business objectives.
What is a Cyber Risk Quantification (CRQ) Model?
While CRQ, as a whole, encapsulates assigning numerical values to risk likelihoods and severities, there are multiple ways to conduct this type of evaluation. A cyber…
