Cyber Risk Quantification Understand your cyber risk to protect what matters most With increased spending to defend against cyber threats, effective financial measurements are needed to support decision-making and answer questions like: “what are the potential financial losses from each cyber risk?” “how much cyber insurance does my organisation need?” “which risks should be prioritised?” and “how can we calculate ROI on risk investments?”We help organisations understand cybersecurity risks for budgetary justification, investment re-prioritisation and implement programmes to manage risk. How can we calculate ROI on risk investments? 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 Build Cyber Risk Quantification Programme 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 prioritise risk treatment options. Pro Document Files Organisational 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, prioritise, and integrate quantification methods with your existing third-party management capabilities. Protiviti’s approach to cyber risk quantification includes input from business users, asset owners, and key technical experts 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 programmes.Prioritise 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 prioritised 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. Client Story September 24, 2024 Enhancing Cyber Resilience Strategies in Global Manufacturing with the FAIR Methodology Protiviti helps a global manufacturer enhance cyber resilience strategies with a Factor Analysis of Information Risk (FAIR) quantification programme. Read more 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 organisation 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. What is Cyber Risk Quantification? Cyber risk quantification uses industry-leading and highly vetted probabilistic models to more accurately describe a company’s cybersecurity and technology-based risks. Protiviti leverages Factor Analysis of Information Risk (FAIR) to conduct cyber risk quantification, which provides an understanding of the financial loss exposure related to cyber threats on a per scenario and aggregate basis. The FAIR model is open source and industry-vetted, which helps organisations understand the analysis and translate it between all stakeholders and even other organisations. Cyber risk quantification is not an entirely new process in relation to traditional qualitative risk models (i.e., NIST CSF). A traditional control-based assessment informs where vulnerabilities and gaps are present, but cyber risk quantification goes a step further and translates those vulnerabilities into dollars-and-cents terms executive leadership can understand to compare risks and focus on those with the most impact. Both processes complement each other through a thorough analysis of assets, threats, and effects. Protiviti’s approach to cyber risk quantification includes input from business users, asset owners, and key technical experts who may not have been previously included in cyber risk assessments. We then take readily available industry and threat data to these subject matter experts to make more accurate measurements for each factor within a given risk. This can be done quickly and with a degree of precision customised to any organisation. 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Button Button Leadership Leslie Howatt Leslie is a managing director, and Protiviti’s technology consulting solution lead. She specialises in digital and technology strategy as well as transformational change with over 25 years’ experience across consulting, industry, and government sectors. She has ... Learn More Krishnan Venkatraman Krishnan is a director with over 14 years’ experience in professional services. He has specific expertise in technology risk consulting and has been advising clients both in the public and private sector in designing and implementing information security controls.Major ... 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 visualisation of the control blueprint, a threat analysis approach, and models of two example threats. Financial services organisation upgrades data privacy and security vulnerabilities Situation: A large insurance and financial services organisation 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 organisation.
