Share the Financial Impact of Cyber Risk with the Business and Prioritize What Matters the Most

Better business decision-making and collaboration happens when you can translate cyber risk into financial terms that every business stakeholder can understand. RQ is an automated cyber risk product that computes cyber risk in monetary terms. RQ’s automation of complex cyber risk calculations enables conversations with the business around the value of security in terms they can understand.

Why Quantify Cyber Risk by Financial Impact?

Companies are evolving their approach to measuring and communicating security metrics. A shift is underway towards the financial quantification of cyber risk. Why? Because financial quantification of cyber risk enables conversations between security and the business to happen in a language all can understand.

Quantifying cyber risk in financial terms enables the business to analyze the cyber risk of various initiatives. You can weigh the value of revenue, customer, and market share growth objectives against the potential cyber risk they bring. When CISOs engage early with business stakeholders about security and risk reduction, better security investment decisions happen.

The result? Actionable outputs that support better business stakeholder decisions, including:

  • Top threats are prioritized for mitigation or investment across multiple groups, subsidiaries, and business units.
  • Align company growth and risk mitigation objectives using financially quantified cyber risk and ROI data
  • Determine how much cyber risk to accept, transfer or mitigate by adding cyber risk to your enterprise risk management (ERM) and Governance Risk and Compliance (GRC) functions

“About 40 percent of the boards of directors will have a dedicated cybersecurity committee overseen by a qualified board member by 2025, up from less than 10% today”

Automate FAIR with RQ

Evolve your CRQ program with the power of RQ and automation to leverage FAIR. RQ enables you to take the next step forward with FAIR through automation and integration capabilities to help you calculate loss and likelihood at scale. RQ enables you to integrate with a variety of tools, including; GRC, vulnerability scanners, CMBDs, and others to scale your cyber-risk quantification efforts.

The result? Actionable reporting is made possible with financial recommendations and prioritization for better business decisions and collaboration with business stakeholders.

Make Better Decisions to Reduce Cyber-Risk and Prioritize Response by Financial Impact

RQ automates the generation of financial cyber risk reporting as it relates to your business, cybersecurity initiatives, and controls. RQ leverages your inputs and multiple data sources such as regulatory data, insurance claims, financial data, breach reports and a wealth of security and threat intelligence. When the data is applied to the risk model, you receive objective, automated outputs in the areas of:

  • Communication of cyber risks in monetary terms that helps the business make better decisions to reduce risk  
  • Prioritization of cyber risks and CVEs by financial impact and loss exposure they represent to the business
  • Automated security scenarios to compare the business trade-offs between security controls and risk reduction vs. customer experience objectives 

Apply Relevancy and Context to Prioritize CVEs by Financial Risk

“Out of 300 IT professionals surveyed by the Ponemon Institute, 72% said they had difficulty in prioritizing what needs to be patched. Sixty percent of those surveyed indicated that breaches at their organization were linked to a vulnerability where a patch was available, but not applied.” 

RQ provides an industry first by prioritizing CVE’s by their potential financial impact should an exploit or attack be successful on a crown jewel asset. It enables security teams to focus on financial risk rather than severity scores that may or may not be relevant to you. This is especially true when security teams are inundated with alerts all professing high severity scores.

As any security analyst knows, a 10 does not necessarily mean a 10 across all businesses.

That is why RQ prioritization of CVEs is so important for security teams right now. You can focus on the vulnerabilities that matter the most to the business. The result? Clear demonstration of how your security team is driving down risk for the organization.

Compare Security Scenarios for Better Business Collaboration to Reduce Financial and Cyber Risk

It is not easy to decide what are the right trade-offs between optimal customer experience and the security controls needed to secure customer data.

These conversations require a monetary value to quickly shape positive outcomes. This allows the business to understand the implications of introducing new digital applications and potential areas of loss exposure and financial risk.

What if analysis allows you to answer the tough questions and discuss outcomes using real-world financial analysis and monetary values to show the cyber risks associated with:

  • What is the ideal security state for the business and what are the financial risks of not being there?
  • If the addition of new entities, either through merger and acquisition, digital customer experiences or other activity affects  inherent (known) risks of existing applications. It helps you communicate residual cyber-risks and financial impact of your company’s new business initiatives so you can plan ahead.
  • How much financial impact and risk is associated with the launch of new applications without adequate security controls in place.

Best of all, What If analysis is automated based on your industry, top threats, regulations and security control frameworks.

You save hours or weeks of data gathering with the ability to critique rather than create security models. With this automation, it allows you to quickly compare current and proposed security models for better decision making.

Get Prioritized Recommendations Tied to Financial Risk, Loss Exposure, and Security Control Maturity

RQ leverages multiple frameworks that security teams use to measure their efforts against the industry standard. RQ natively supports security frameworks like NIST CSF, ISO 27001, FAIR, CIS Top 20 and other industry standards.

You can quickly input your security control maturity against the industry standards. The output is a realistic portrait of gaps in your security controls and what that risk means to the organization in monetary terms.

RQ gives security teams a prioritized list of recommendations based on the framework of their choice and the business gets a solid view of the investments that need to be made to drive down cyber and financial risk.

Evolve to Risk-led Security

RQ is priced to accommodate single businesses with multiple applications and scales to support enterprise and MSSP environments that have multitudes of legal entities and hundreds of applications.

Save time by using pre-built models that can be easily tuned to your environment to compare cyber-risk and financial impact across the organization. Group by applications, departments, legal entities, or whatever is most appropriate for your business.

These capabilities enable you to:

  • Report on an aggregated view of cyber risk and financial impact across multiple legal entities and applications
  • Keep business leaders accountable for the level  of security they employ in their digital initiatives
  • Help the business understand what is the  inherent risk between applications and how new digital experiences or M&A activity adds residual financial risk

Get a Demo

Interested in seeing RQ for yourself? Please fill out the form and we will reach out to provide a walkthrough of ThreatConnect Risk Quantifier.