What is cyber security & cyber risk quantification (CRQ)?
Cyber Security is the protection of computer systems and networks from the theft of or damage to their hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.
CRQ is the process of evaluating the cyber risks that have been identified and then validating, measuring and analysing the available data using mathematical modelling techniques to accurately represent the organisation's cyber security environment in a manner that can be used to make informed cyber security infrastructure investment and risk transfer decisions.
CRQ helps to support and validate the investments made within a cyber security programme.
CRQ enables businesses to view cyber as a business risk;
Cyber risk = business risk: as part of their responsibility towards shareholders and customers, boards and business executives are expected to incorporate the management of cyber risk as part of their business strategy.
The changing role of the risk profession: risk and security professionals are no longer the defenders of the organisation. They are no longer the arbiters of what is good and what is bad. They must become the facilitators of a balance between protecting the organisation and running the business.
Talking the language of business: risk and security professionals must learn about and communicate the impact that cyber risk has on business outcomes in a language that the business can understand, e.g. pounds and pence.
The organisational impact: interestingly, an increasing number of CIRO’s and CISO’s no longer work in IT and are transitioning to the business risk side of the organisation.
Frameworks & institutions; will play a major role, the likes of https://www.fairinstitute.org/ & https://www.nist.gov/cyberframework provide quantification and standardisation. Technologies such as https://blackkitetech.com/about/ provide the bridge between the worlds of cyber & risk.
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