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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 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?”
  • "How can we calculate ROI on cybersecurity investments?”

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 control improvements and investments.

 
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.

 

The value of cyber risk quantification

Understand your cyber risk to protect what matters most

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
Cyber Risk Quantification (CRQ) enables security leaders and executives to “speak the same language” in financial terms. With financial measurements in hand, you can demonstrate how making the right investments can mitigate your cybersecurity risks and increased ROI.

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 that reflect your priorities.

Understand risk’s true impact
Protiviti blends your data with industry data, threat intelligence and subject matter expertise to get a 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 your organization’s 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

Featured insights

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Using Cyber Risk Quantification to Manage Chaos

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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...

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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...

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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...

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 through 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
Andrew Retrum is a Managing Director within Protiviti’s Technology Consulting Practice and the Global Technology Risk & Resilience Practice Lead. Andrew assists our clients in navigating an ever-evolving risk landscape, managing cyber and evolving technology risks ...
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Sameer Ansari
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 ...
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Case Studies

Problem: 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.

Situation: More than 80 triage risk assessments were conducted, and training and workshops were completed for members of the security engineering team.

Value: Protiviti helped increase the risk landscape clarity of application and infrastructure environments and developed cyber risk quantification policies.

Problem: A recent acquisition heightened organizational risks for the client, due to expanded operations and new business segments. The issue was compounded by inconsistent reporting across risk domains. The Board of Directors expressed a need for a uniform quantitative risk assessment across all risk domains to establish consistency of loss exposure.

Solution: Protiviti implemented a transparent risk analysis process utilizing FAIR modeling and facilitated aggregated reporting for the Board of Directors.

Value: The client established a remediation roadmap based on the reduction of loss exposure and developed a quantitative risk program to scale the risk assessment, response and remediation processes.

Problem: The insurance organization needed a clear enterprise-level risk assessment, including the identification of priority threats, the potential financial impact of specific risk themes and the rationale for key stakeholders' future funding decisions on cybersecurity and operational programs.

Solution: Protiviti performed a quantitative risk assessment to model financial loss exposure for risks across the organization and aligned the organization's cybersecurity program roadmap with a cost-benefit ROI analysis for initiatives.

Value: The client saw enhanced enterprise-wide risk visibility and increased board awareness of key risks, as well as cybersecurity program initiatives based on return on security investments.

Problem: The manufacturer had inconsistencies in plant security processes, standards and technology, which led to the use of end-of-life systems and IoT (Internet of Things) devices for key processes. The client also struggled with a lack of visibility into operational technology (OT) assets. Due to contractual commitments to delivery and lean manufacturing capabilities, the organization was extremely sensitive to disruptions.

Solution: A comprehensive approach was undertaken, including plant asset cataloging and surveying, physical walkthroughs to identify OT security gaps, data collection for cyber event analysis and the construction of a FAIR-based framework for comparative quantitative risk analysis across manufacturing locations and assets.

Value: The client benefited from a structured approach to assess assets’ criticality and improved identification and quantification of OT security weaknesses. These outcomes enhanced the organization's ability to evaluate business risks from cyber/OT incidents.

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