ED-EL-02 – Data-Driven Cyber Risk Management with the FAIR™ Standard for Practitioners - e-Learning

Duration: Approximately 12 hours of e-Learning content (unlimited access for 3 months)
Training format: Asynchronous (e-Learning)
CPE credits: 12

Pricing

• €495 excl. VAT per person ED-EL-02.1

• €1,980 excl. VAT / 5 participants ED-EL-02.2

• €2,970 excl. VAT / 10 participants ED-EL-02.3

This e-Learning program prepares practitioners for the operational implementation of the FAIR™ Standard to quantify cyber risk in financial terms.

The course combines detailed theoretical content, guided demonstrations, and practical exercises to help participants define risk scenarios, model them using FAIR™, estimate loss event frequency and loss magnitude factors, and interpret simulation results.

The training also includes preparation for the Open FAIR™ 2 certification exam, covering the exam structure, question formats, and a full mock exam for self-assessment.
(Exam fees are not included. Additional personal study may be required before sitting the certification exam.)

This asynchronous format allows practitioners to progress at their own pace while benefiting from structured content and practical examples drawn from real-world cases.

By the end of the course, participants will be able to:

• Understand the limitations of qualitative risk management approaches and the advantages of a quantitatively defensible FAIR™ approach

• Master the fundamental concepts of the FAIR taxonomy (loss event frequency, primary and secondary loss magnitude, etc.)

• Define and model risk scenarios using FAIR™, aligned with real assets and security controls

• Estimate frequency and magnitude parameters using calibrated estimation ranges and Monte Carlo simulation tools

• Prepare for the Open FAIR™ 2 certification exam through practice questions and a full mock exam

Who Should Attend

CISOs / Heads of Information Security, risk analysts, cybersecurity analysts, GRC consultants, risk managers, and any professional responsible for producing or reviewing detailed FAIR analyses.

Prerequisites

No formal prerequisites. However, a basic understanding of cybersecurity and risk management is recommended to fully benefit from the course.

Introduction to FAIR™ and Risk Quantification

• Refresher on risk management principles and the limitations of qualitative risk matrices

• Positioning FAIR™ as an international standard for cyber risk quantification

FAIR™ Taxonomy and Risk Scenarios

• Decomposition of a risk scenario into threat events, vulnerability / susceptibility, and loss

• Distinction between threat event frequency and loss event frequency

• Primary and secondary loss magnitude

Step-by-Step FAIR™ Analysis Process

• The five steps of a FAIR analysis, from scenario definition to reporting

• Collection and estimation of input data

• Use of Monte Carlo simulation tools to model uncertainty

Interpretation of Results and Decision-Making

• Reading and interpreting annual loss distributions (density curves, quantiles, etc.)

• Using results to compare remediation options

• Communicating findings to non-technical decision-makers

Open FAIR™ 2 Certification Preparation

• Exam structure and key domains covered

• Full mock exam with detailed correction

• Practical guidance on organizing revision and consolidating knowledge

• C-Risk Education team specialized in FAIR practitioner training

• Instructional design incorporating feedback and experience from international cyber risk quantification projects

• Continuous assessment through quizzes and practical exercises embedded in the modules

• Multiple-choice assessments at the end of each chapter

• Open FAIR™ 2-style mock exam at the end of the program

• Video modules and FAIR analysis demonstrations

• 3-month access to the eLearning platform to review all content and materials