- October 17, 2022: Updated for the Bitsight Financial Quantification model.
- May 27, 2022: April 2022 updates.
- April 13, 2021: Published.
Bitsight Financial Quantification can be used to measure your organization’s financial exposure across various cyber events and impact scenarios. For many organizations, cyber risk is complex, misunderstood, and discussed in technical terms. With our financial quantification model, you can:
- Establish a universal language. Reshape the conversation into business terms, facilitating a greater understanding of cyber risk (and its potential impact) across your organization.
- Use real-time data to make more informed decisions about managing your cyber risk (i.e., whether to accept, mitigate, or transfer the risk).
- Prioritize new technology investment.
- Calibrate your cyber insurance and measure your return on investments (ROI) in specific controls or programs. Evaluate how much risk to retain and how much should to transfer to the insurer.
- Streamline the process without investing in any additional headcount or resources.
Available for your My Company and My Subsidiary subscriptions. This includes the ability to run quantification on a certain number of entities.
Bitsight Security Ratings reflect a company’s cybersecurity performance over time. The financially quantified view of cyber risk complements the rating, using multiple data sets from real-world cyber events, combined with details of your organization’s digital assets and security posture to calculate financial impact across multiple cyber scenarios. The combined set of metrics uniquely enables you to focus your efforts on improving the programs and controls that will have the most significant risk reduction and cyber exposure impact.
- Intuitive Graphical View – Drill into a graphical representation detailing the distribution of financial risk magnitude against probability.
- Financially Quantify Risk Over Time – Measure how your cyber risk exposure changes over time, as your security posture and the threat landscape evolve.
- Business Unit and Subsidiary Support – Run a Financial Quantification on your primary enterprise or drill down into the quantification of your business units and/or subsidiaries.
- On-Demand Analysis – Initiate on-demand, user-driven, ad-hoc analysis for a Financial Quantification based on changes within your organization or the overall risk environment.
- Business Impact of Cyber Events – Drill into cyber risk scenarios (such as ransomware, third-party liability, etc.) for damage types, risk vectors, and other scenario-specific details.
Unique Modeling Approach
- Cyber Exposure – View the aggregate exceedance probability (EP) graph based on historical loss data run in a Monte Carlo simulation for 100,000 iterations.
- Business Impact Scenarios – Explore different risk scenarios to reveal how cyber risk manifests itself and achieve an understanding of the scenario’s financial impact on the business.
- Actionable Metrics – Drill down into cyber scenarios, including where to focus limited resources, in order to make more informed decisions and achieve the greatest impact.
- Cyber Risk Management & ROI – Leverage Financial Quantification data to assess ROI of programs and initiatives to elevate cyber risk management in your organizational risk discussions.
- Stakeholder Reporting – Share built-in reports with the board and executive stakeholders to bring about a universal understanding of your organization’s cyber risk.
Wide-Ranging Data Sets
- Technographic Data Specificity – Observe improved accuracy (as compared to size and sector generalizations) based on security performance and business data specific to your organization.
- Global Threat Intelligence Data – Explore loss scenarios informed by continuous wide-ranging open source and proprietary data sets.
- Cyber Insurance Claims Data – Take stock in the magnitude of financial risk analysis informed by insurance claims data and the aggregation of regulatory filings.
- Minimal User Input Required – Reduce the level of investment required to conduct a data-driven financial quantification of cyber risk with an approach that relies on significant data input by the Bitsight platform.