Security News > 2021 > March > Why is financial cyber risk quantification important?

In its 10th annual Risk Barometer, Allianz found that cyber incidents ranked third in a list of the most important global business risks for the upcoming year, coming in second behind risks stemming from the pandemic itself.

A recent survey of 100 senior security professionals found that 70% of respondents have received pressure to produce cyber risk quantification for their business.

Further, half of the respondents reported they have a lack of confidence in their ability to communicate and report the financial impacts of cyber risks, with a quarter saying they do not have a cyber risk quantification technology deployed at their company.

Why are executives pressuring CISOs to start financially quantifying cyber risk for their business? This process allows CISOs to identify and rank risk scenarios that are most critical to their enterprise, based on factors such as which attacks would have the biggest financial impact, and how equipped the company is to defend itself against any given attack.

Cyber risk quantification provides security leaders with a way to communicate the most pressing cyber threats facing a company that do not rely on a scoring system that is incomprehensible to anyone outside of the security department.

Now is the time for security leaders to adopt cyber risk quantification and more easily demonstrate how cybersecurity organizations are protecting their business operations from disruption and catastrophic harm.

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