For financial services organisations, cybersecurity is about more than meeting regulatory mandates. Boards, executives, and the organisation at large recognise their fiduciary responsibilities to customers, and take those duties seriously.
Many financial services organisations have taken steps to identify the risk scenarios most likely to affect them and have modelled the financial impacts should those scenarios come to pass.
But are the numbers accurate? Can they be relied upon when making significant cybersecurity investment decisions? And what about the scenarios they can’t predict? Let’s face it: threat actors are ingeniously creative. The qualitative frameworks traditionally used to measure cyber are no longer sufficient for the financial sector.
The approach designed to help organisations assess hidden risks is cyber risk quantification. Leveraging advanced modeling techniques, XRATOR’s Cyber Risk Quantification SaaS uses models to estimate the range of probabilities and impacts of potential security events so that leaders can calculate key financial risk metrics, such as value at risk or expected loss. The concept is to apply a well-designed model to specific use cases so that you can estimate impacts and loss probabilities, determine a loss distribution, and calculate dollar loss metrics.