SecurityScorecard, the global leader in cybersecurity ratings, introduced its Cyber Risk Quantification (CRQ) capabilities that will enable customers to understand cyber risk in financial terms, enabling organizations to bring cyber risk into holistic business risk analysis, and assisting organizations in a cost-benefit analysis of cyber investment options. SecurityScorecard’s CRQ capabilities help customers understand the financial impact of a cyber-attack, gain insight into the probability of incidents over time and quantify the reduction in expected losses if issues are resolved. The SecurityScorecard CRQ capabilities will be included in the company’s risk intelligence platform, the industry’s first holistic offering that proactively protects organizations from every angle.
“Executives and boards of directors lack the ability to connect cybersecurity budgets to business outcomes, hindering the CISO’s ability to justify their cybersecurity budgets. By grounding risk quantification in SecurityScorecard’s expansive data, we are bringing cyber security to the forefront of daily decision making,” said Prashant Pai, Senior Vice President and General Manager Strategic Initiatives, SecurityScorecard. “Our goal is to help our customers make informed decisions on how to raise the bar on their cybersecurity defenses with optimized investments, and we will continue to partner with leading CRQ thought leaders to provide the options they are looking for.”
To deliver the combined insights of SecurityScorecard’s cybersecurity ratings data and leading risk models, SecurityScorecard is partnering with a number of leading CRQ thought leaders and developers including ThreatConnect, and RiskLens, which created Factor Analysis of Information Risk (FAIR™). With multiple views of risk available through the lens of different CRQ frameworks, risk managers can determine which framework is the best fit for their business.
With cyber risks becoming increasingly prevalent, boards of directors and executives need to evaluate those risks and become more involved with cybersecurity. Effectively reporting to the board is a key component of every security leader’s job.
According to Gartner® The 2022 Board of Directors Survey, 88% of respondents viewed cybersecurity as a business risk, while 72% stated they are focused on aligning risk, strategy and performance to drive business resilience.1
“The CRQ integration between RiskLens and SecurityScorecard will finally give organizations of all sizes what they need to effectively understand and manage cyber risk: an automated, ‘dollars and cents’ view of cyber risk,” said Nick Sanna, CEO, RiskLens. “Based on the FAIR cyber risk quantification standard, on industry benchmark data and on their SecurityScorecard security rating, organizations can now make risk-informed business decisions.”
“ThreatConnect is excited to partner with SecurityScorecard as the combination of their external cybersecurity risk posture and the power of ThreatConnect Risk Quantifier (RQ) connects the outside and inside views for an organization, giving them a 360 degree perspective of the risk to their organizations,” said Jerry Caponera, Vice President of Cyber Risk Strategy for ThreatConnect. “Applying ThreatConnect’s statistical and machine learning algorithms to the SecurityScorecard data enables customers to easily visualize their risk and, more importantly, prioritize which factors should be improved based on financial risk reductions.”
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SecurityScorecard’s CRQ portfolio enables executives, CISOs and risk managers to obtain a comprehensive view of their cyber risk that enables them to define cyber risk in a universally understood metric and embed those insights into decisions across the organization.
SecurityScorecard’s CRQ capabilities also offer:
Scalable risk quantification methodology – With continuous monitoring of over 12 million companies, SecurityScorecard grounds its analysis in a consistent cybersecurity data-driven approach to deliver a real-time view of risk.
Contextualized view of cyber risk – SecurityScorecard directly ties financial impact to the security issues that drive losses.
Multiple risk quantification frameworks– Multiple risk frameworks are integrated into the CRQ capabilities to ease the evaluation and implementation of CRQ.