Cyber Risk Quantification and Management

Requirements
  • Headquartered In: USA
  • Company Size: $700M – $20B in Annual Revenue
  • Industries: Retail, Finance, Banking, Hospitals & Physicians Clinics, Insurance, Software, Transportation, Telecommunications, Hospitality, Media & Internet
  • Titles: IT
  • Job Level: Director+
Overview

On July 26, 2023, the US Securities and Exchange Commission (SEC) approved new rules that mandate publicly traded companies to demonstrate transparent cybersecurity policies, and disclose cyber attacks within four days of determining “material” impact to the business. These rules will come into effect in December 2023.

But organizations do not have adequate methods to measure cyber risk, nor are they able to demonstrate transparent cybersecurity plans to protect investor interest. This puts the onus on regulated companies to develop and deploy suitable systems to measure, manage, and mitigate cybersecurity risk in just five months.

Industry experts point towards AI-driven Cyber Risk Quantification and Management (CRQM) as a solution. Using CRQM, businesses are able to measure the “materiality” of potential and past cyber events, assess risk compliance and gaps in real-time, and demonstrate transparent and proactive cybersecurity strategies.

With automated and AI-driven CRQM, businesses can meet and exceed regulatory demands and SEC rules, provide the Board with meaningful insights for cyber risk oversight, and build cyber resilience. It helps shift from reactive to predictive cyber risk management – replacing guesswork with data-driven decision making.

Top reasons our community cites for adopting or considering this solution:

  • The SEC requires “current, consistent and “decision-useful” information” for investors. Current cyber risk management practices are manual, point-in-time, and inadequate to meet this rule.
  • Lack of systems to measure cyber risk “materiality” across the estate – leading to an inability to translate cyber risk into potential financial impact for effective board oversight.
  • Inability to describe to regulators, in required periodic reporting, how a cyber risk management program reduces the likelihood or impact of material cyber risks to protect shareholder interests.
  • Inability to prioritize security initiatives based on the “most likely” and damaging threats to your business.
  • Inability to articulate the ROI of cybersecurity investments, justify budgets, or prioritize investments based on the greatest returns.
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You must be directly involved in your company’s evaluation process for solutions like this, or in the management chain for people who do. You must be a hands-on user of the prospective solution or in the management chain of users. Please do not register for programs that are an unlikely fit. Your credibility and ours depend on it.

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