Quantify Cyber Risk in Banking and Financial Services

The banking and financial services sector more than ever knows that cyber attacks can pose a radical and enduring risk to their operations. Examples are everywhere…daily attempts to penetrate consumer-facing applications with stolen user credentials...massive amounts of customer data leaked by a malicious insider...even fraudulent funds transfer through the SWIFT system.

But while financial institutions pay strict attention to quantitative, value at risk (VaR) models for credit, operational and market risk, that discipline has not yet extended to information security where the belief has been held that cyber risk can’t be quantified. Security teams fall back on qualitative red-yellow-green risk ratings or checklists of best practices that don’t really analyze risk.

Such ineffective cyber risk measurement and management programs lead to flawed prioritization of security efforts – giving cybercriminals and other threat agents the advantage.

Analyze & Communicate Cyber Risk Effectively

Quantification of cyber risk in dollar terms generates reporting that’s easy to understand by decision-makers and the board, clearly presenting choices on a cost-benefit basis.

Prioritize Cybersecurity Investment

Quickly identify your top risks, then focus on the most serious of them to explore controls investments and optimize your spend relative to the reduction in risk.

Meet Regulatory Requirements

NY DFS, FFIEC, OCC, FDIC, SEC, the Federal Reserve – all have issued rules that require financial institutions to identify and disclose their top cyber risks, based on a defensible model like FAIR.

Integrating Strategic Cyber Threat Intelligence and FAIR, Musso Shaikh, Cyber Threat Intelligence, Fannie Mae

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Integrating Strategic Cyber Threat Intelligence and FAIR, Musso Shaikh, Cyber Threat Intelligence, Fannie Mae

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Rapidly and consistently assess your top risks

In minutes, get a readout on your top cyber risks across many parameters: See top risks for bottom-line impact, for probable losses from an unavailable application, for most likely to exceed risk appetite and more. Run full analysis on selected risk scenarios to understand the range of probable outcomes. Model adding or removing controls for impact on loss exposure, all in dollar terms that all stakeholders understand.

Better Justify Your Security Investments

Change the conversation around cybersecurity in your organization – stop talking about risk in technical speak and start talking about return on investment in risk reduction.  Justify new cybersecurity projects — or assess best security options for new “digital transformation” projects — in financial terms.  Respond to budget cuts with the least dollar impact on risk. Run “what-if” analyses across multiple control scenarios to measure the impacts of recommendations and investments.

Produce Reporting You Can Take to the Board

RiskLens answers the high-level questions the board wants to hear – How much aggregate loss exposure do we face? Are we spending too much or too little on security?  Lead the organization in defining a cyber risk appetite based on risk scenarios you generate on the RiskLens platform.  Financially-oriented cyber risk quantification builds the foundation for solid strategic decisions.

Cyber Risk Quantification

Your pathway to NIST Framework Adherence and to Better Security Outcomes

Watch this short explainer video on cyber risk quantification using the FAIR model and the RiskLens Platform. You’ll see your cybersecurity future through a RiskLens, and a clear pathway to adhering to the NIST Framework for Improving Critical Infrastructure Cybersecurity mandated as part of the Presidential Executive Order of May 2017.

"The two goals of an effective cyber risk management program should be to ask the right questions and make better informed decisions. Doing this will help drive a better security program, a defensible budget in front of Congress, and include meaningful information for senior executive conversations."

Emery Csulak - CISO and Deputy CIO at U.S. Department of Energy,

"The best thing to do in cybersecurity is to think of it as a risk to be managed. My hope here is that the risk quantification frameworks like the FAIR model will help…collectively, you are definitely moving the country to a better place. "

Representative Jim Langevin, Co-founder of the Congressional Cybersecurity Caucus ,

"When virtually every aspect of the business is quantitative...having the CISO give red/yellow/green heat maps is debilitating to decision-making."

Jack Jones, Creator of FAIR and Co-Founder at RiskLens

An Executive's Guide to Cyber Risk Economics

Jack Jones - creator of the internationally recognized FAIR model and co-founder at RiskLens provides a high-level introduction to managing cyber risk from a business perspective. You'll learn how the FAIR model powers cost-benefit analysis for security initiatives on a par with other forms of enterprise risk management. Read this eBook and never be satisfied again with simple red-green-yellow risk ratings.

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Demand Better Visibility into Cyber Risk

Within a matter of weeks you can completely change your understanding of cyber risk. Encourage your organization to embrace cyber risk quantification. Schedule a Demo today.

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