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With security budgets expected to drop 10% to 30% this year, the pressure is on to intelligently cut costs while minimizing risk exposure.
But how many CISOs…
Those are the challenges RiskLens VP of Professional Services Chad Weinman poses to kick off this 30-minute webinar on smart cost-cutting and budgeting. “Risk quantification is a critical component to help us solve this,” Chad says, by empowering security professionals to build solid business cases to justify budget.
Watch the webinar on demand: Risk-Based Budget Optimization with Chad Weinman
It starts with following the FAIR standard for cyber risk analytics to understand, in financial terms, how to define, measure, communicate and manage risk.
But “we also need to assess how risk will change”, for instance, in scenarios of adding or reducing controls. And it’s those next steps of identifying scenarios, gathering data, modeling data and reporting that are handled by the RiskLens platform.
Chad runs through a case study of an organization that was manually reviewing account access to key application systems on a monthly basis to prevent malicious insiders from accessing sensitive customer data. With a FAIR/RiskLens analysis, the organization could see that the probable loss exposure in dollars wasn’t worth the cost of the person hours.
That’s the kind of routine cost/benefit analysis made possible by the RiskLens platform, which automates quantitative risk analysis with unprecedented speed. Chad describes the Risk-Based Cost Reduction Workshop offered by RiskLens – in a few days, RiskLens consultants will help your team identify and quantify a few cost-cutting proposals to see how they would affect loss exposure. “There’s no better validation of FAIR and the RiskLens platform than doing it for real,” he says.