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Financial Quantification Model Version April 2022

Ingrid

To accurately reflect the current cyber risk landscape, we periodically make improvements to our Financial Quantification model. These updates often include new observations and enhancements that reflect the rapidly changing threat landscape.

Effective as of April 2022:

Update Details

Business Interruption:

Maximum interruption/outage duration increased from 3 to 10 days.

 This update better reflects the risks of operating services that have an increased number and duration of ransomware attacks.

Regional Data Improvement:

Improved cyber attack risk assessment in the APAC region.

There is a 168% increase in cyber attacks in APAC year over year.

 Asia was the most targeted region in 2021, accounting for 1 in 4 cybersecurity attacks.

Data Theft and Privacy:

  • Improved accuracy in assessing cyber risk exposure.
  • Increased maximum exposure (i.e., maximum financial loss) by 20%.
 84% of ransomware attacks are double extortion[1]. The average cost of a data breach in the US has increased from $3.86M in 2020 to $4.24M in 2021.
Stabilize Currency Rate The currency rates were adjusted to rates on Jan 1, 2022 for easier comparison between sequential quantification runs.

Resources

  1. IBM Security Intelligence, “Ransomware Attackers’ New Tactic: Double Extortion”
  • May 27, 2022: Published.

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