Adopting an innovative approach like Cyber Risk Quantification (CRQ) within an organization demands not just the integration of new tools and methodologies but also a shift in mindset and operational dynamics. The key to the successful implementation of CRQ is rooted in effective change management. We are committed to partnering with you throughout this journey. Our team will provide guidance, training, support, and expertise, ensuring that the implementation of your CRQ program is smooth and that your organization reaps its full benefits. As we work together, our focus will be on both the technical aspects of CRQ and the human elements that drive its success.
Under the guidance of FAIR-certified experts, gain proficiency in scoping, modeling, and quantifying risk. Your team will learn how to implement FAIR methodology to quantify cyber and technology risk and gain insights on your security controls.
We will help you identify the best tools and ensure that it seamlessly integrates with your organizational and IT needs. We will get you started with the C-Risk Knowledge Libarary and help you build your own data library.
After building your internal CRQ program, it is a versatile asset with proven ROI. It can be implemented across business units, enrich processes like cybersecurity evaluations during M&A, guide cyber risk insurance negotiations, or be integrated at a group-wide level.
CRQ using the FAIR methodology provides a framework to identify critical digital assets and build risk scenarios. You can then measure the impact of potential cyber incidents in financial terms for easier comparison and prioritization of IT investments and controls. Quantification facilitates clearer dialogue among various organizational stakeholders, including the board and executive management, as well as with regulatory authorities.
In the short term, CRQ offers preliminary data-driven insights; but over a longer period, its accuracy and precision only sharpen, delivering more nuanced and actionable information. Indeed, the more analysis you do, the more business metrics and contextual information you gain about your risks. But you can also do a deep dive and focus on control families, a cost-benefit analysis on control projects or model a MITRE ATT&CK chain with the the Loss Event Frequency of a risk scenario to look at probabilities and then estimate the impact for each phase of an attack.
We support CISOs, CFOs, senior management, risk managers and IT teams on their journey to integrate new tools and learn new methods to identify and measure cyber and technology risk while building internal CRQ capabilities. Below are some examples of companies that have benefited from C-Risk's CRQ enablement services.
We provided guidance and support to the CISO and IT teams of a financial asset manager on scoping top risks, generating board reports and cost-benefit analyses.
We helped build internal capabilities by supporting the IT and risk management teams. The teams leveraged our support to improve CRQ reporting.
We supported the annual quantification of top cyber risks of corporate functions and multiple global business units, including control performance assessments for M&A projects.
Do you need to implement a CRQ tool but don't have the capacity or Knowlede Library? Are launching an internal CRQ strategy and need help with your first reports or training your teams? We will collaborate with your team to demonstrate the value of quantification to the board right away.
It's not just tools and data, we prioritize the human element. Whether you're a board member, CRO, CISO, CFO, IT specialist, or a risk professional, we support you with actionable insights based on data-driven analysis.
Allocate resources where they are needed most, maximizing both cybersecurity and ROI. Boards and decision-makers will improve governance and oversight when they can understand cyber risk in terms of risk appetite and financial impact.
Align your cybersecurity governance and oversight with the latest cybersecurity regulations. We ensure your methodology exceeds compliance standards, safeguarding your organization from potential legal and reputational losses.
Whether it's auditors, senior management, operational security teams, CISOs, or other risk professionals, effective communication about risk is vital. With our CRQ Enablement Services, you can articulate cyber risk in clear business terms, ensuring informed discussions at all levels of your organization.
Board members, senior management, and risk professionals all benefit from enablement services. As internal capabilities are developed, organizational cyber resilience increases.
An internal CRQ program builds cyber resilience and improves cybersecurity governance with data-driven insights, ensuring regulatory compliance, protecting the company's reputation, and aligning cybersecurity efforts with broader business strategies.
CRQ provides a data-driven and risk-based approach to managing your cyber and technology risk. It allows for clear communication of your cyber risks in financial terms so security investments are aligned, helping to achieve business objectives and leading to improved cybersecurity oversight and compliance.
CRQ offers a comprehensive, data-informed perspective on the cyber and technology risk. It equips you with the means to quantify risks in financial terms, facilitating clear communication with stakeholders and aiding in the strategic prioritization of risk mitigation efforts.
We look forward to hearing from you.
Here are some answers to your commonly asked questions.
Qualitative risk analysis is the process of using ordinal rating scales (i.e. 1-5 or low to high) to plot risks based on the likelihood of a risk event and the impact of loss to the organization. The interpretation of each ordinal scale can change from person to person. Quantitative risk analysis uses probability distributions and data from the organization, like cost, time and frequency, to calculate the probability and impact of a risk event. Quantitative methods determine the probable frequency and probable magnitude of a future loss in financial terms.
There are several methods of risk analysis. Some companies favour the methods recommended by official entities. Others prefer to opt for more mathematical methods, with real predictive capabilities. The right method for you is the one that allows you to make risk management decisions, keep track of them, and justify them internally and externally.
Currently there are not any CRQ compliance requirements, although the US Securities and Exchange Commission and the German Institut der Wirtschaftsprüfer have both recommended quantification methods to measure risk.