Cyber security threats aren’t going away.
In fact, as we evolve our use of technology, they’ll continue to grow. The prioritisation of cyber security is crucial for businesses of all sizes. But, with cyber threat so sophisticated now, it’s difficult to know where to start.
One way to fortify your cyber security is by using cyber risk quantification (CRQ). This methodology provides a quantitative view of your company’s cyber risk exposure, helping you to express risk quantitatively, prioritise and optimise cyber security investments, and demonstrate a cost-benefit analysis.
There are several CRQ tools on the market that will help you assess, measure, and mitigate risks effectively. While some offer more benefits than others, these are the features to look out for in any solution:
Key features of a CRQ solution
Accuracy and methodology: Look for tools grounded in transparent risk assessment processes and robust methodologies such as FAIR (Factor Analysis of Information Risk).
Customisation and flexibility: Choose tools offering customisation options to align with your organisation’s unique risk profile and objectives, allowing adjustments for risk parameters, scenarios, and inputs.
Integration and compatibility: Opt for a solution that seamlessly integrates with existing cybersecurity infrastructure and tools. Compatibility with common risk management frameworks, security technologies, and data sources is crucial.
User interface and usability: Look for intuitive interfaces, interactive dashboards, customisable reports, and easy-to-understand visualisations.
Scalability and performance: Ensure your tool can scale alongside your organisation, accommodating increasing data volumes, complexity, and analytical requirements.
Comprehensive risk coverage: Look for coverage across various risk categories including financial, operational, reputational, and compliance risks. A holistic view of the cyber risk landscape enables informed decision-making and prioritisation of mitigation efforts.
Support and training: Choose vendors offering comprehensive support services including training, implementation assistance, and ongoing technical support.
Cost and ROI: Evaluate the total cost of ownership, including licensing fees, implementation costs, and ongoing maintenance expenses in relation to the tool’s value and benefits.
Selecting the right cyber risk quantification tool is crucial for effective cyber risk management. By considering these factors, you’ll find a tool aligned with your needs and objectives.
Cyber Risk Insights
KPMG Cyber Risk Insights is a licensable SaaS risk quantification product, recognised by industry analysts as being rated 5 out of 5 for user experience.
With Cyber Risk Insights, you can:
- Spend less time conducting cyber security assessments and more time taking meaningful action.
- Start proving the value of your security programme and investment decisions.
- Align your cyber risk reduction strategy to business outcomes.
- Truly adopt a cyber resilient mindset.
