Resilience Helps Businesses Understand Their Cyber Risk in Financial Terms
The cyber threat landscape is evolving rapidly, with smarter threat actors, AI-powered hacking capabilities, and increased interdependence introducing new variables to the threat landscape. As a result, businesses are looking for ways to prioritize their cyber business decisions to control losses. This is where Resilience comes in – the company has launched its Cyber Risk Calculator to provide organizations with a financial snapshot of their cyber risk.
The AI-powered tool provides security and risk practitioners, as well as C-Suite executives, with a data-driven language to better understand and quantify their cyber risk. The Cyber Risk Calculator uses industry benchmarks to help stakeholders understand their risk exposure and potential financial losses due to cyber-related incidents.
Existing strategies for understanding cyber risk, such as heat maps, focus on vague ratings that don’t adequately translate cyber risk into financially tangible terms. However, the Cyber Risk Calculator offers a more comprehensive approach. It asks six simple questions about a user’s organization, then creates a financial loss projection based on key firmographic data points and desired insurance limits.
Once the calculator has assessed the organization's cyber risk exposure, it provides a high-level estimate of potential cyber risk in real dollar terms. This is accompanied by an initial assessment of risk exposure versus risk tolerance, as well as a cyber risk projection based on proprietary industry benchmarks. The tool also offers insights into how cybersecurity investments can reduce that exposure.
The personalized, data-driven approach offered by the Cyber Risk Calculator is crucial for businesses. For example, Resilience manufacturing clients have seen their calculated cyber risk vary by up to 35% based on their handling of key risk factors like multi-factor authentication (MFA), backups, and vendor management.
"For too long, CISOs, CFOs, and risk managers have spoken different languages, stalling critical cybersecurity investments and leaving companies vulnerable," said Dr. Ann Irvine, Chief Data and Analytics Officer at Resilience. "Drawing from our unique bird’s-eye-view of the threat landscape, extensive underwriting capabilities, and proprietary Risk Operations Center, we built a tool that bridges this communication gap."
"Now, businesses can have a common language that everyone can understand—from the server room to the boardroom," added Dr. Irvine. "Armed with learnings from the Cyber Risk Calculator, they can align technical, financial, and operational staff around the shared goal of meaningfully reducing organizational risk."
What Is the Cyber Risk Calculator?
The Cyber Risk Calculator is an AI-powered tool that provides a comprehensive assessment of an organization's cyber risk exposure. It asks six simple questions about the user’s organization, then creates a financial loss projection based on key firmographic data points and desired insurance limits.
How Does it Work?
The calculator works by asking the following questions:
- What is your company's annual revenue?
- How many employees does your organization have?
- Have you implemented multi-factor authentication (MFA) in your organization?
- Do you have a backup and recovery plan in place?
- Have you conducted a vulnerability assessment recently?
- What is your desired insurance limit for cyber risk?
Based on the user's input, the calculator creates a financial loss projection based on proprietary industry benchmarks. It also provides a high-level estimate of potential cyber risk in real dollar terms, as well as an initial assessment of risk exposure versus risk tolerance.
Benefits of Using the Cyber Risk Calculator
The Cyber Risk Calculator offers several benefits to businesses. These include:
- A personalized, data-driven approach to understanding cyber risk exposure
- A financial loss projection based on key firmographic data points and desired insurance limits
- A high-level estimate of potential cyber risk in real dollar terms
- An initial assessment of risk exposure versus risk tolerance
- Insights into how cybersecurity investments can reduce that exposure
"The Cyber Risk Calculator is a game-changer for businesses looking to understand and quantify their cyber risk," said Vishaal Hariprasad, CEO of Resilience. "It provides a common language that everyone can understand—from the server room to the boardroom. Armed with learnings from this tool, businesses can align technical, financial, and operational staff around the shared goal of meaningfully reducing organizational risk."