ED-IN-02 – Data-Driven Cyber Risk Management with the FAIR™ Standard for Practitioners
Duration: 12 hours
Training format: Synchronous (on-site or remote)
CPE credits: 12
Pricing
- €1,850 excl. VAT per person (public session) ED-IN-02.1
- €9,000 excl. VAT per group (private session) ED-IN-02.2
Quality & Satisfaction: 4.9/5
Capacity: Minimum 4 – Maximum 10 participants
This comprehensive instructor-led training provides a solid foundation in the FAIR™ Standard by combining expert guidance with an interactive and hands-on learning approach.
Delivered over two consecutive days (6 hours per day), either in person or remotely via Microsoft Teams, this course offers a structured pathway to mastering the FAIR™ Standard applied to the financial measurement of cyber and technology risks.
Participants explore both theoretical concepts and practical methodologies, with an in-depth introduction to the FAIR taxonomy and its associated analysis process.
The course addresses the limitations of qualitative risk assessment approaches based on nominal or ordinal scales, the cognitive biases affecting expert judgment, and the advantages of using ratio-scale measurements in risk analysis. Through guided exercises and discussions, participants will learn to:
- Define and model risk scenarios using FAIR™
- Perform financial estimations
- Interpret and effectively present analysis results
This training also serves as preparation for the OpenFAIR™ 2 Foundation certification exam, ensuring a comprehensive understanding of FAIR concepts.
(Note: PearsonVUE exam fees are not included. Additional self-study may be required prior to taking the certification exam.)
The instructor-led format fosters a collaborative and engaging learning experience, providing direct access to an expert to ask questions, receive feedback, and deepen understanding of the topics covered.
€1,850 excl. VAT per person (public session) ED-IN-02.1
€9,000 excl. VAT per group (private session) ED-IN-02.2
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12 hours
Synchronous (on-site or remote)
12
By the end of the course, participants will be able to:
- Understand and apply the FAIR™ taxonomy to rigorously and structurally model cyber risk scenarios
- Master the steps of the FAIR analysis process, from scenario definition to results interpretation
- Estimate loss event frequency and loss magnitude using probabilistic estimation techniques
- Identify the limitations of traditional qualitative approaches (ordinal scales, risk matrices) and recognize cognitive biases affecting expert judgment
- Effectively present FAIR analysis results to support cybersecurity decision-making and security investment decisions
Who Should Attend
Practitioners, analysts, and consultants in cybersecurity, risk management, or compliance who are involved in modeling and assessing cyber risks and who wish to apply the FAIR™ methodology within their organization.
Prerequisites
None required. However, a basic understanding of cybersecurity concepts may be beneficial.
Introduction to the FAIR™ Model
- Origins of the model and its current legitimacy
Understanding Risk and Risk Management
- Risk perception and subjectivity
- Definitions of risk
- The role of risk management in decision-making
Why Quantify Cyber Risk?
- Limitations of qualitative approaches
- Cognitive biases and noise in risk analysis
The FAIR™ Method
- The five steps to quantifying risk while managing uncertainty
- Modeling a risk scenario and identifying its components
The FAIR™ Taxonomy
- Decomposition of risk into frequency and magnitude
- Identification and influence of security controls on risk
Statistical Concepts and Estimation Techniques
- Precision vs. accuracy
- Monte Carlo simulation
- Data availability and quality
- Calibration techniques
- Confidence intervals
- Practical estimation exercises
Interpretation and Communication of Results
- Preparing clear reports for decision-makers
- Adapting communication to different stakeholders
Case Study & Certification Preparation
- Interactive practical exercise (AI chatbot + Monte Carlo tool) based on a real-world scenario
- Identification of typical OpenFAIR™ 2 exam question formats
- One trainer, certified Open FAIR™ 2 instructor
- One senior consultant, expert in quantitative risk analysis and certified Open FAIR™ 2
- Continuous evaluation during exercises and practical workshops
- Final multiple-choice assessment at the end of the training
- Interactive theoretical instruction
- Experience sharing, best practices by topic, and common pitfalls to avoid
- Comprehensive training materials designed to facilitate knowledge transfer
- Access to an online learner portal providing all course materials and documentation
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