ED-IN-01 – Introduction to Data-Driven Cyber Risk Management with the FAIR™ Standard

Duration: Half-day (3 hours)
Training format: Synchronous (on-site or remote)
CPE credits: 3

Quality & Satisfaction: 5/5
Capacity: Minimum 4 – Maximum 10 participants

This short, instructor-led training provides an initial understanding of data-driven cyber risk management and the role of the FAIR standard within this approach.

In three hours, participants discover the key principles of quantifying cyber risk in financial terms, as well as the main components of the FAIR taxonomy and analysis methodology. They learn how these concepts help define concrete risk scenarios and better inform cybersecurity decisions.

The course highlights the limitations of traditional qualitative approaches (risk matrices, nominal scales) and demonstrates how even a simple quantitative approach can significantly improve clarity, consistency, and transparency in cybersecurity decision-making.

Accessible without technical prerequisites, this introduction enables managers and non-specialist stakeholders to better engage with cybersecurity teams and understand what it truly means to “manage cyber risk with data.”

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

• Become familiar with key definitions of risk and risk management.

• Understand the limitations of traditional qualitative risk analysis approaches.

• Understand how the FAIR standard enables financial quantification of cyber risk.

• Position cyber risk quantification within cybersecurity governance and strategic decision-making processes.

Who should attend 

Managers, business or support function leaders, non-technical team leaders, any professional collaborating with cyber risk quantification practitioners

Prerequisites

None. Basic knowledge of cybersecurity or risk management may be helpful but is not required.

Understanding Risk and Risk Management

• Risk perception and subjectivity

• Key definitions of risk and risk management

• The role of risk management in decision-making

Qualitative vs. Quantitative Approaches

• Overview of risk matrices and ordinal scales

• Limitations and ambiguities of purely qualitative approaches

• Communication challenges surrounding cyber risk

Introduction to the FAIR Standard

• Origins and positioning of the FAIR model

• Overview of the FAIR taxonomy (loss event frequency and loss magnitude)

• Examples of risk scenarios expressed in financial terms

Initial Quantification Use Cases

• Illustration of cybersecurity decisions supported by quantitative analysis

• Discussion of potential next steps for the organization (practitioner training, pilot use cases, etc.)

A C-Risk trainer, expert in quantitative cyber risk analysis using the FAIR standard.

• Interactive discussions throughout the session to validate understanding

• Reflection questions and short oral quizzes at the end of the module to confirm key takeaways

• Theoretical input illustrated with practical examples

• Slide deck provided to participants to facilitate reuse of key concepts

• Additional references to further explore FAIR and risk quantification