I frequently hear from clients that they’d like to perform a FAIR risk analysis on more than just information risk or cyber risk. They want to be able to perform more of an operational risk analysis. Thankfully, FAIR (that’s Factor Analysis of Information Risk, the model that powers RiskLens) is flexible enough that you can do just that. I have enlisted the help of my friends at Marvel to show how easy it is to perform a FAIR analysis on just about anything, including operational risk–just for fun, let’s say, on guarding the galaxy.
Download a copy of the FAIR model before we take off.
Here are the steps:
Learn more: How to Scope A Risk Analysis Using FAIR
Once you have completed your scoping you are ready to perform the analysis. I like to go one step beyond just to make sure I don’t miss anything or fall victim to scope creep. So I define what each part of the FAIR model (at a minimum the left side, everything that rolls up to Loss Event Frequency) is in relation to this analysis.
Risk: How much risk is associated with Earth being attacked by a supervillain who wants to destroy it?
Loss Event Frequency (LEF) : How often Earth is made unavailable by a supervillain?
Threat Event Frequency (TEF): How many times a supervillain attempts to make Earth unavailable to its inhabitants?
Vulnerability (VULN): What percentage of the time Earth becomes unavailable?
Now I would ask the question “What information do I know?”
Thanks to Marvel, I have some pretty good Threat Event Frequency numbers. Let’s count:
I count at least 7 attempts.
Also, thanks to Marvel, I have some “controls” to consider when estimating Earth’s Vulnerability to attack:
Since Vulnerability in the FAIR model is expressed as a percentage, I would say our vulnerability is actually rather low as the number of people with special abilities grows.
So what does this all mean? If you complete a FAIR analysis with the information you have, given this scenario, you may get results something like this below using the RiskLens platform, showing an average $451 billion in risk, based the information gathered and industry data:
Numbers changed to protect confidentiality. Actual figures for total destruction of Earth may be higher.
Given that, regarding these Threat Events:
these annualized numbers appear to be reasonable. Mainly because, as #1 states, we have never seen a full-scale annihilation. Keep in mind sometimes assumptions must be made.
Learn more: Assumptions Are a Powerful Thing
To sum up, whether you are measuring cybersecurity or fictional attacks on Earth, the FAIR model helps you to work out the problem and give results that makes sense for your business. That is where RiskLens fits in.
For more on how to make sure your risk analysis make sense in business terms and how to fix it if it does not, check out these other blog posts:
So go be a guardian of the galaxy, your galaxy, your organization.