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. Understand your cyber risk to protect what matters most The value of cyber risk quantification 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 decisionsCyber 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 risksCyber 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 impactProtiviti 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 methodCyber 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 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 program. Read more Featured insights INSIGHTS PAPER Best Practices for Building a Sustainable PCI DSS Compliance Program Creating and maintaining a sustainable PCI DSS compliance program is a crucial and complex task for organizations to protect payment card transactions and uphold consumer trust. However, despite the PCI DSS standard being around for almost 20 years,... BLOG The Strategic Imperative of Enterprise Resilience In a volatile business environment, the concept of resilience has emerged as a cornerstone of strategic management. More than just a trendy concept, resilience should be ingrained as a key organizational goal, fostered through a comprehensive and... 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... WHITEPAPER SIFMA’s Quantum Dawn VII After-Action Report The latest iteration of SIFMA’s biannual cybersecurity exercise focused on the outage of a critical third-party service provider. The simulation and concluding survey found many financial institutions are already experienced with the loss of a... 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 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 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 ... 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 Consumer products company achieves cyber risk landscape clarity 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. FinTech company utilizes FAIR to implement a risk analysis process after an acquisition 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. Insurer gains insights through an enterprise-level risk assessment 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. Manufacturer quantifies their operational technology risk 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.
