Cyber security insurance transfers some of the financial risk of a security breach to the insurer. However, the question that is being asked behind closed doors is: how do you effectively transfer your risk if you can’t quantify it?
As digital threats rise and cases within any given industry have started to hit closer to home, organizations are looking to be more proactive in both understanding and transferring cyber risk. Intent is one thing but the ability to quantify probable worst-case scenarios is another thing entirely.
Increasingly the Board or CFO wants to know what the costs are if they suffer a breach. However, being able to give them a definitive answer often proves difficult. Data is typically missing, risk models are complex and claim forms are questionable. It is not just response costs, legal or contractual fines or reputation damage; it is all of those and more. In some cases, it might not be as bad as you think. In other cases, the organization is likely to be brought to its knees.
CybeRisk has a track record of helping organizations quantify their cyber risk so more informed decisions on cyber protection can be made.
Through our Cyber Exposure Assessment service we scope the most relevant attacks for analysis and work with the most knowledgeable subject matter experts in your business to gauge the worst case scenarios and probable outcomes. We then conduct a series of brief interviews with the key stakeholders and subject matter experts so we understand how each area would deal with a number of worst case scenarios and what the financial implications could be. Once we have completed this we analyze and report on the findings.
This light-touch approach is minimally disruptive and we have been praised for our ability to be engaging, non-confrontational, bring new perspectives to light and open up lines of communication between IT or information security and the rest of the business.
Take the Next Step
A cyber breach can happen at any time. Determining whether your organization is prepared for a cyber attack can happen in one of two ways: either in the course of a cyber breach or by conducting a Cyber Risk Modeling and Analysis exercise. We encourage you to take the latter approach and schedule a conversation with us by emailing firstname.lastname@example.org.
CybeRisk Security Solutions (“CybeRisk”), a Finjan Company (NASDAQ: FNJN), was founded to deliver global advanced Cyber Risk and Security Advisory Services. Through a team of elite consultants, who are based in Israel, the USA and UK, we assess your risk exposure, quantify it and empower you with appropriate mitigation strategies.
Our comprehensive array of advanced services combine leading methodologies from across the cyber security and cyber risk spectrum so that a single, multifaceted process for the remediation of cyber risk and the management of cyber security can be provided.
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