Cyber Risk Management translated in Financial terms for C-Level Decision Making.

A Risk Management Program aims to understand and assess the organization's risk for C-level decision-making. Risk, by definition, involves uncertainty, and its quantification is often calculated based on the probability and potential impact of certain events. A probabilistic model could estimate, for example, the likelihood of a hurricane in Florida based on historical seasons and provide a range of possibilities for the next season. What makes cyber risks specifically challenging is the complexity of cyber threats and cyber controls, and the dynamic aspect of the assumptions considered when estimating the risk.

ZyberQTM is a comprehensive set of solutions and services offered by Zyber Insurance in conjunction with Strategic Partners to help you evolve your Cyber Risk Management programs.

The foundation for a Cyber Risk Management program includes Cyber Security and ongoing advancements in its maturity, adoption of the latest and greatest Cyber Security solutions, and the organization's transformation to embrace a culture of security by design. From the Enterprise Risk Management (ERM) perspectives, Cyber Risks should also be translated into financial terms to assess the economic impact of potential cyber incidents.

Since December 2023, the US Securities and Exchange Commission (SEC) implemented new rules requiring public companies to disclosure material cybersecurity incidents on Form 8-K within four business days, having a Cyber Risk Quantification (CRQ Platform capable to calculate the risk in financial terms is a key component to elevate the Enterprise Risk Management (ERM) and Governance Risk and Compliance (GRC) programs, as well as to communicate Cyber Incident materiality in a timely fashion properly.

Cyber Risk Quantification
(CRQ) Platform

We proudly partner with

FAIR-based Risk quantification with Automatic estimation powered by

Cyber Threat Intelligence with personalized findings and constant monitoring

Threat Event Frequency Simulations based on active attackers in your Industry

RedTeam Patented Simulations to confront expected attackers against your company based on your Cyber Security defense maturity

Artificial Intelligence estimations of the financial impact for cyber attacks based on historical cyber insurance claims

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“Citalid or Citalid Cybersécurité is a listed and/or registered trademark of Citalid Cybersécurité”

Cyber Risk Quantification

Cyber Risk Quantification (CRQ) is a process that evaluates and estimates the potential financial impact of cyber threats on an organization. FAIRTM (Factor Analysis of Information Risk) is the golden standard methodology to decompose the Cyber Risk in Loss Event Frequency and Loss Magnitude based on contact frequency, probability of action, threat capability, your cyber security protection and estimations of loss magnitude based on your company's profile.

For larger organizations, calculating the cyber risks in financial terms may require advanced Cyber Risk Quantification Platforms (CRQ) to standardize and compare the cyber risks between different locations and monitor the outcome of cybersecurity investments to lower the risk for specific scenarios throughout the time. Citalid CRQ platform go beyond the adoption of FAIRTM methodology, automating the inputs for the calculation with data from Cyber Threat Intelligence (CTI), running advanced statistical simulations, and analyzing historical insurance claims to improve the precision on the estimation of the Likelihood and the Magnitude of a cyber incident. CRQ Platforms are essential for Mid-Large Enterprises to make wise decisions about Cyber Insurance and understand the tradeoffs of Cyber Security investments versus Cyber insurance. It also enables C-Level discussions about the impact of a cyber incident to assist Cyber Security Board Committees in deciding about the risk tolerance of the organization and monitor to properly escalate and disclosure to the investors in case the threat landscape changes or a cyber attack is material.

One Critical component to obtain good outputs of CRQ Platforms is to properly run Risk Assessments according to the profile of your company leveraging frameworks like ISO 27001 or NIST, which may require the engagement of the IT and Cyber Security team in evaluating the maturity of the Cyber Security controls in place. For Startups and Midsize companies, on-going monitoring via CRQ Platforms and advanced risk assessment may not be available, one alternative approach to quantify risk is to adopt an "Outside-in" analysis that takes in consideration what is visible from the outside related to your security posture and estimate your risk in historical insurance claims.

Zyber Insurance is equipped with expertise in Cyber Risk Management, working together with Strategic Partners to provide solutions for Cyber Risk quantification according to your needs, and technology advisory for cyber risk management programs. Watch the video below to learn more about Citalid Cyber Risk Quantification (CRQ) Platform

“Citalid or Citalid Cybersécurité is a listed and/or registered trademark of Citalid Cybersécurité”