A cyber risk financial quantification (CRQ) model is now in place for Bitsight Financial Quantification.
Traditional CRQ approaches require vast resources, such as budget, people, knowledge, and data. They rarely produce timely results, so it is not feasible to repeat them frequently enough to keep up with the constantly changing cyber risk landscape. Those methods have an inherent reliance on estimation that make it difficult to compare or measure results.
The methodology supports a turnkey software offering that provides a quick, efficient, and repeatable assessment of an organization’s financial exposure to cyber risk, making CRQ feasible for everyone. This model helps companies quickly and repeatedly determine their cyber risk in financial terms. It is used by global organizations to understand where risk exists and how to address that risk when determining business strategy:
- Investment Prioritization - Where should we invest our budget?
- Cyber Insurance Calibration - How much risk should we retain and how much should we transfer to the insurer?
- Risk Reduction - Are our investments paying off? How is our risk profile changing over time?
- Universal Language - How do we speak to our board of directors in financial terms?
Learn more about our Financial Quantification Methodology.