Quantitative Risk models have long been applied in the financial and insurable risk fields and are now being used extensively in cybersecurity.
Quantifying risk helps manage risk by breaking it down and expressing it mathematically. Although models differ in methodology, they all produce a fundamentally similar output—a number.
What is Cyber Risk Quantification?
Cyber risk quantification determines an organization’s risk exposure and prospective financial impact in a language everyone understands -money.
Using a single language enables technical and business leaders to prioritize spending and evaluate the overall efficacy of the cybersecurity program.
Despite gaining popularity as a bridge between security departments and business executives, cyber risk quantification still needs a deep understanding of its value to be leveraged appropriately. The benefits of CRQ in guiding financial decisions are obvious, but many companies have been slow to implement its concepts due to the ambiguity that surrounds it.
According to Deloitte’s “Future of Cyber Survey,” just half of the C-level executives polled employ any quantitative risk assessment tool. The other half…
