Cyber risk is not just a security issue, it’s also a business issue. When security leaders and their businesses don’t see eye to eye, resources get misallocated, expectations aren’t met, and businesses are left unprepared to face threats.
SecurityScorecard launched its Cyber Risk Quantification product in April 2022, allowing customers to quantify the financial impact of cyber risk and help facilitate collaboration and communication among business stakeholders. When everyone is aware of their cyber risk and transparent about the investments being made to reduce it, an organization will experience better cybersecurity outcomes.
What sets SecurityScorecard Cyber Risk Quantification apart
Partnership with RiskLens and ThreatConnect
SecurityScorecard’s Cyber Risk Quantification was developed in partnership with RiskLens, the company behind FAIR (Factor Analysis of Information Risk), which has become the international standard for cyber quantification, and ThreatConnect, a company specializing in turning threat information into actionable insights, including the likelihood of attack and financial impact.
While most cyber risk quantification frameworks help you to understand the magnitude of cyber risk, they provide limited guidance on the most effective way to reduce risk.
SecurityScorecard leverages the MITRE ATT&CK framework to pinpoint the factors influencing an organization’s security posture and vulnerability. Making that connection allows you to tie investment options to their expected benefit. SecurityScorecard’s accurate, actionable, and trusted security data infrastructure creates continuous feedback loops, making our financial impact analysis highly actionable.
Scalable risk quantification capabilities
Traditional risk quantification approaches require on-site assessments that take weeks and only provide a snapshot of risk that can quickly become obsolete. With SecurityScorecard, all you need to perform a cyber risk quantification assessment is data about an organization’s industry and revenue. We then use the ratings data we collect at scale and combine that with our partner’s risk models to produce a financial impact assessment of an organization in seconds. This allows risk managers to perform an analysis anytime for any organization.
An inside look at SecurityScorecard Cyber Risk Quantification
Cyber Risk Quantification is easily available within the SecurityScorecard platform, and customers can choose from two modules for their financial assessments:
The RiskLens module provides best-in-class Factor Analysis of Information Risk (FAIR) analysis to define risks with explicit scenarios. The scores help define the probability distribution of each scenario. This module is ideal for Risk Managers who have implemented FAIR analysis and are looking to increase the scale at which they perform their analysis.
The ThreatConnect module uses attack path modelling to emulate threat actor behavior following the MITRE ATT&CK framework. The vulnerability analysis is supported by internal controls estimates from ThreatConnect and external hygiene data from SecurityScorecard. The ThreatConnect module references the ten risk factors in the SecurityScorecard platform to show how score improvements directly lead to reducing financial risk. This module is ideal for risk managers looking to understand how security investments reduce potential financial losses.
Please watch the video below for an overview of our two risk quantification modules: