We often hear this: “OK, you’ve convinced me that risk quantification is a more meaningful way to run analysis for cyber and technology risk -- but it also takes more effort, right?”
Well, yes, compared to plotting risks as points on a heat map based on gut feeling (see this blog post on the difference between qualitative and quantitative risk analysis).
And yes, in the sense that doing something well can take more effort than going the other way.
But, in advising clients on how to get the most out of the RiskLens quantitative risk assessment software platform, we’ve learned that first, a carefully defined risk scenario to analyze, and second, a risk analysis process designed for step-by-step data collection and implementation of FAIR™, are the accelerators you need to get risk quantification done with maximum efficiency.
What Is Risk Quantification?
Definition: Analyzing cyber, technology or operational risk as probable loss exposure for the organization in dollars, using a standard methodology, Factor Analysis of Information Risk (FAIR™), based on data on the frequency and magnitude of loss events experienced by the organization and the industry. See a FAIR FAQ.
Tips for More Efficient Cyber Risk Analysis
Read these guides, based on our experience coaching companies like yours on FAIR risk quantification programs.
Watch a skilled FAIR risk analyst start with a list of nebulous concerns – like Privileged Access Management, The Cloud, Data Breach – and shape them into risk statements to set up a FAIR analysis that will produce business-relevant results.
It’s a too-common problem: Expanding the scope of an analysis on the theory that more is better. Well, it’s not, and can really bog you down. Apply this simple formula to refine your target.
Don’t sacrifice objective risk analysis for speed – get them both with “pattern-based” analysis shortcuts and data libraries.
Reality-check your analytics work in 5-10 minutes.
Five tips on getting the most out of your analysis intake form, pursuing accuracy over precision, training your stakeholders and more.