Cyber Risk Quantification Understand your cyber risk to protect what matters most With increased spending to defend against cyber threats, more effective financial measurements are needed to support more rigorous decision-making and answer questions including: “what are the potential financial losses from each cyber risk?” “how much cyber insurance does my organization need?” “which risks should be prioritized?” and “how can we calculate ROI on cybersecurity investments?” The value of cyber risk quantification Understand your cyber risk to protect what matters most which ultimately leads to more informed decision making Cyber risk quantification builds upon the qualitative nature of cyber risk assessments and models risk in business terms, which ultimately leads to more informed decision making. Cyber risk quantification can empower you to: Make better decisions CRQ enables security leaders and executives to “speak the same language” in financial terms. With financial measurements in hand, you can effectively mitigate risks by making the right investments and increasing ROI. Ultimately, a repeatable and scalable process is developed. Identify top risks Cyber risk quantification begins with assessing an organization’s current risk landscape. By considering the elements of threat and analyzing the threat in financial terms, Protiviti can target and build a portfolio of top vulnerabilities or critical assets to be prioritized. Understand risk’s true impact Protiviti leverages and blends your data, industry data, threat intelligence, and subject matter expertise to get the true picture of risk. Cyber risk quantification translates each potential risk to dollars and cents to forecast an estimate of your organization’s potential future loss exposure and allocate resources to the most effective risk treatments. Establish a clear, repeatable risk analysis method Cyber risk quantification improves on historical risk assessments and analysis processes by requiring clear assumptions and defined estimates. The process is transparent and allows for continuous improvement that cannot be achieved through qualitative methods. Understand your cyber risk to protect what matters most which ultimately leads to more informed decision making Our cyber risk quantification services Pro Briefcase Risk Landscape Quantification Understand your risk appetite and determine risk and asset priorities. Use quantitative analysis to evaluate top cybersecurity risks, which can help executives make dollars-and-cents decisions. Pro Building office Cyber Risk Quantification Program Build Build cyber risk quantification capabilities and integrate them into your existing risk management framework. This provides an ongoing, sustainable program for executive leadership to support meaningful decision-making. Pro Document Consent Targeted Quantitative Risk Analysis Leverage targeted-scope risk assessments based on industry frameworks or compliance standards (e.g., NIST, PCI, NYDFS, HIPAA, etc.), enabling you to select and prioritize risk treatment options. Pro Document Files Organizational Decision Support Model loss exposure from individual scenarios and demonstrate return on investment and risk reduction by building specific business cases and supporting sound risk treatment decisions tailored to an individual project, initiative, or investment. Pro Document Stack Third-Party Risk Quantification Develop, prioritize, and integrate quantification methods with your existing third-party management capabilities. INSIGHTS PAPER Principles for Data Recovery From a Severe Cyber Scenario This paper is intended to prompt increased dialogue between financial institutions, trade associations and regulatory authorities on a rapidly evolving topic. It lays out a set of principles that could align regulators, the financial sector and all... BLOG Using Cyber Risk Quantification to Manage Chaos The most important use of any risk assessment tool is that it must contribute to better decision making on how to manage individual risks. Whether that is treating and reducing risk, or accepting that risk exists, risk management activities must... BLOG Cybersecurity Risk Assessments vs. Gap Assessments: Why Both Matter As cybersecurity incidents continue to make headlines, whether involving the breach of sensitive information or the halting of an enterprise’s operations, cybersecurity risks remain top of mind for many organizations. To this end, organizations are... BLOG Metrics’ Role in Cyber Transformation We’ve all heard the saying, “what gets measured gets done,” meaning that regular measurement and reporting helps to keep organizations focused on the information that matters. But with so many data points available to measure security, it is... FLASH REPORT The American Privacy Rights Act of 2024: Could this framework become the data privacy panacea? On April 8, 2024, U.S. Representative Cathy McMorris Rodgers (R-WA) and U.S. Senator Maria Cantwell (D-WA) announced the American Privacy Rights Act. This act aims to establish a comprehensive set of rules that govern the usage of citizens' data. The... Button Button How we leverage cyber risk quantification Protiviti empowers our clients to make data-driven decisions. Cyber risk quantification allows you to:Make effective risk management and budget investment decisions.Cyber risk quantification helps you understand risks in terms of impact on overall business value while significantly reducing uncertainty and narrowing the range of potential loss outcomes. This helps manage and mitigate risks by allocating appropriate budget, time, and resources to risk management programs.Prioritize risks, assets, and threats to identify and protect what matters most.Cyber risk quantification identifies critical risks that are the most likely to occur. Using the data from these analyses, effective comparisons can help decide which risks should be prioritized and which risks can be revisited later. This can save time and money while mitigating impactful risks.Communicate and express risk to executive leadership in a commonly understood, repeatable way.Through probabilistic analysis and the use of financial models, quantifiable data can be turned into valuable information. Communicating the range of potential loss in a commonly understood way – i.e., financial terms – allows management to clearly understand and make more informed investments. Leading the way on cyber risk quantification Protiviti’s cyber risk quantification (CRQ) solution delivers a continual, data-driven assessment of a company’s current state of cyber risk. Protiviti is a Founding Advisory Partner of the FAIR Institute, the leading professional organization supporting the use of CRQ. This puts Protiviti at the forefront of innovative CRQ approaches and thought leadership. The Protiviti team includes members from varying backgrounds, all specializing in quantifying risk. Leadership Andrew Retrum Andrew Retrum is a Managing Director within Protiviti’s Technology Consulting Practice and the Global Technology Risk & Resilience Practice Co-Lead. Andrew assists our clients in navigating an ever-evolving risk landscape, managing cyber and evolving technology ... Learn More Sameer Ansari Sameer Ansari is a Managing Director and leader of Protiviti’s Security and Privacy Practice. Sameer brings more than 20 years of experience developing and delivering complex privacy solutions to the Financial Industry, and privacy consulting and implementation ... Learn More What is next for CISOs? The CISO Next initiative produces content and events crafted exclusively for CISOs, with CISOs. The resources focus on what CISOs need to succeed. The first step is finding out “What CISO type are you?” Get Involved Case Studies Protiviti helps consumer products company achieve cyber risk landscape clarity Situation: A consumer products and services company lacked enterprise-level risk landscape clarity and did not have the resources to maintain a cyber risk quantification program. Value: Protiviti helped increase the risk landscape clarity of application and infrastructure environments and developed cyber risk quantification policies. More than 80 triage risk assessments were conducted, and training and workshops were completed for members of the security engineering team. FFIEC maturity assessment and proposed next steps Situation: An international bank group needed support to structure its cybersecurity program. A study of the bank’s business risks was conducted to address the business needs of the cybersecurity program. Value: The bank received new insight into their IT controls and cybersecurity infrastructure and gained access to a preferred supplier that immediately supported their cybersecurity infrastructure needs. Supporting and documenting security strategies for an international bank Situation: An international bank wanted to define and document its three-year cyber security strategy. Value: Protiviti provided the bank with a digital visualization of the control blueprint, a threat analysis approach, and models of two example threats. Financial services organization upgrades data privacy and security vulnerabilities Situation: A large insurance and financial services organization had issues with its data privacy and security policies and procedures, which were not evolved to address emerging data privacy and security regulations. Value: Protiviti provided improvements to security risk management practices and strengthened the privacy compliance posture of the organization.