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Many organizations face the challenge of operating across multiple platforms, making managing cyber risk as part of their cybersecurity strategy daunting. Traditional cyber risk management programs often utilize Governance, Risk, and Compliance (GRC) heatmaps that use shades of red, yellow, and green, with qualitative terms, ratings, and scores as risk measurements. However, these methods make it challenging to manage cyber risk effectively. To address these issues, ThreatConnect and ServiceNow have come together to provide the Risk Quantifier (RQ) App for ServiceNow GRC. This game-changing solution integrates the financial quantification of cyber risk directly within existing risk management workflows.
With the RQ App, you can quickly and easily measure the monetary impact of risks and the effect of mitigating controls on those risks across your organization. Integrating measurable figures in your Integrated Risk Management (IRM) product offers clearer visibility into your risk profile, enabling you to make well-informed decisions about cost-effectively reducing risks.
By incorporating this feature, ServiceNow customers can leverage ThreatConnect RQ’s AI-powered analytics engine to assess the financial impact of cyber risk with IRM and generate automated risk reduction recommendations in financial terms. This will enable you to convert your qualitative ratings and ordinal scales to quantitative metrics, allowing you to effectively communicate and manage the most critical risks facing your organization. With the holistic ServiceNow GRC platform and the RQ App, we can offer a comprehensive solution for risk management.
Often, risks are prioritized subjectively, with input from various business leaders. While these feelings may be valid, prioritization decisions must be made using objective data that can be defended. This approach helps ensure that resources are directed to mitigating the greatest risks to the business.
Many organizations are implementing some form of cyber risk quantification to make better-informed decisions as part of their cybersecurity strategy. This process enables them to communicate cyber risk to the board more effectively and create a resilient cybersecurity program based on objective data expressed in business terms. By quantifying risk, organizations can identify and prioritize security initiatives that drive a more significant financial risk reduction. This shift towards quantifiable cyber risk management is integral to resilient cybersecurity strategies, granting organizations the advantage of informed resource allocation. This approach ensures that they don’t waste time and resources in areas that feel risky but are not truly as harmful as initially suspected.
The partnership between ThreatConnect and ServiceNow ushers in a new era of cyber risk management, where defensible and actionable financial risks can be assessed directly within the enterprise risk management platform. By enabling this data-driven decision-making, leaders can calibrate investments to actual impacts, maximizing the effectiveness of the organization’s defenses. With the new RQ App, ServiceNow and ThreatConnect are evolving and expanding how organizations can access the benefits of risk quantification.
To learn more about the new RQ App for ServiceNow, please visit the ServiceNow Store. You can read our press release here.
To learn more about ThreatConnect RQ, check out our interactive demo or reach out to speak with an expert.