Cyber Security Risk Modeling

Cyber Security Risk Modeling Reveals The Financial Impact Of Risk

As cyber threats continue to proliferate, business leaders need tools to better understand the financial impact of their organization’s cyber risk. Because cyber risk is complex, it’s typically discussed in technical terms that make it more difficult for senior executives and board members to determine how cyber risk may affect their bottom line. To bridge the gap between cybersecurity and the business – and to elevate cyber risk to business risk and financial standing – you need a cyber security risk modeling framework that can financially quantify your exposure to risk and its business impact.

Bitsight can help. Leveraging the cyber security risk modeling prowess of Kovrr, Bitsight Financial Quantification for Enterprise Cyber Risk provides CISOs and Chief Risk Officers with a powerful and efficient way to financially quantify cyber risk in reports to senior executives and board members.

The Challenge Of Cyber Security Risk Modeling

According to recent reports, cybercrime now costs the world economy more than $1 trillion each year1. The average cost of a data breach in the US is nearly $8.6 million2. Ransomware continues to cause significant financial losses for global organizations, with ransomware attacks increasing 486% over the past two years.3

In this environment, it’s more important than ever for executives and board members to understand risk in financial terms. Leadership must understand how investments in a cyber security risk management process can advantageously impact the bottom line. With an effective tool for cyber security risk modeling, CISOs and chief risk officers can justify their requests for annual cybersecurity budgeting. They can show the impact of investments in organizational risk management, demonstrate the financial risks associated with specific pieces of their network, and financially quantify risks for M&A analysis.

The challenge for CISOs and Chief Risk Officers is to find the right tools to financially quantify their cyber risk and support data-driven decisions to prioritize investments. That’s where Bitsight comes in.

1December 2020 report from the Center for Strategic and International Studies and McAfee2IBM Cost of a Data Breach Report 20203Aon’s 2020 Cyber Insurance Snapshot

Bitsight Financial Quantification for Enterprise Cyber Risk

Bitsight Financial Quantification for Enterprise Cyber Risk is a cyber security risk modeling solution that uses the tools available to the cyber insurance industry to financially quantify cyber risk. By measuring their financial exposure based on a variety of risk models, organizations can better prioritize and manage their cybersecurity initiatives and adopt cybersecurity best practices to reduce cyber risk exposure that would result in detrimental financial loss.

Bitsight cyber security risk modeling technology analyzes potential financial exposure across multiple types of cyber events and impact scenarios at any time, without requiring outside consultants or long data collection processes. Bitsight enables you to develop these insights with the resources you have today. With Bitsight, you can make faster, better decisions on how to prioritize new investments based on risk reduction and leverage your limited budget to achieve the greatest impact on security performance.

The Benefits Of Cyber Security Risk Modeling

With cyber security risk modeling capabilities from Bitsight, you can:

  • Enhance the value of your Bitsight Security Ratings. Drill down into different cyber scenarios and Bitsight risk vectors with a financial risk-specific lens.
  • Quantify risk financially across business units and subsidiaries. Run a Financial Qualification on your primary enterprise or drill down into individual business units and subsidiaries.
  • Develop a universal understanding of the financial impact of risk. Provide executives and board members with reports built with common metrics and understandable language demonstrating financial risk of your program.
  • Use proven models developed for cyber insurance. Work with multiple modeling technologies that differentiate between systemic or targeted attacks and failures. Click into simulated scenarios to gain visibility of the financial impact of risk on the business.
  • Get efficient, on-demand analytics. Work with an intuitive graphical view that details distribution of financial risk magnitude against probability. Initiate on-demand, user-driven, ad-hoc analysis based on changes within your organization or risk environment. Conduct a data-driven cyber risk quantification without requiring significant data input from users.

Why Customers Trust Bitsight

Bitsight is trusted by some of the world’s largest organizations to provide a clear picture of their cybersecurity posture. As the world’s leading security rating service, Bitsight enables organizations to improve security performance management as well as third party cyber risk management. Bitsight Security Ratings are a proven cyber assessment solution, offering a dynamic measurement of the security posture of an organization and its vendors. Based on objective, verifiable data, Bitsight Security Ratings provide complete security visibility and enable security teams to evaluate how well an organization’s attack surface and third parties are protected against cybersecurity threats. Bitsight ratings can be used to determine how well an organization conforms to industry-standard cyber risk management frameworks. Bitsight also provides cloud security metrics that help to quantify and mitigate cloud security risk.

Bitsight is the choice of over 40 government agencies, including US and global financial regulators. 20% of the world’s countries trust Bitsight to protect national security, and 25% of Fortune 500 companies use Bitsight to improve security performance.

FAQs: What Is Cyber Security Risk Modeling?

Get a personalized demo to find out how Bitsight can help you solve your most pressing security and risk challenges.