(Image source: BitSight promotional video.)
Cyber security rating company BitSight (Boston) and cyber risk modeler Kovrr (Tel Aviv/London), have announced Financial Quantification for Enterprise Cyber Risk, which the companies describe a product that provides CISOs and Chief Risk Officers an easier, more efficient and repeatable means to financially quantify their cyber risk and report to senior executives and board members.
Developed using Kovrr’s multiple underlying cyber risk models that analyze different categories of loss scenarios, the BitSight Financial Quantification for Enterprise Cyber Risk product calculates an organization’s financial exposure to cyber risk, a BitSight statement says. The solution enables on-demand analysis and complements the cybersecurity performance measurements provided by BitSight, without any additional headcount or resources to manage, the vendor says.
BitSight contextualizes the new product announcement with a December 2020 report from the Center for Strategic and International Studies and McAfee that estimates that cybercrime now costs the world economy more than $1 trillion. “Ransomware has become a critical challenge; according to Aon’s 2020 Cyber Insurance Snapshot, ransomware attacks have increased 486 percent over the past two years, resulting in significant financial losses for global organizations,” the BitSight statement says.
BitSight says its that the approach it takes to quantifying cyber risk’s financial impact in collaboration Kovrr provides an opportunity to change the conversation about cybersecurity at an organizational level. Through the BitSight Financial Quantification analysis, an organization’s board, CEO, CFO, non-technical stakeholders, and the Chief Risk Officer can speak the same language and better understand and evaluate cybersecurity programs and cyber risk in financial terms, the vendor asserts.
“BitSight Financial Quantification enables our largest global clients to seamlessly and continuously financially quantify their cyber risk exposure with confidence,” comments Takeshi Doi, Chief of Cyber Risk, MS&AD InterRisk Research & Consulting, Inc. “Its financial analysis provides the insights CISOs and Board executives need to prioritize and manage their cybersecurity initiatives to reduce their cyber risk exposure.”
BitSight reports that organizations use its Financial Quantification for Enterprise Cyber Risk product to address the following business needs:
- Annual Cybersecurity Budgeting
- Organizational Risk Management
- Business Planning (CISO)
- M&A Analysis
“Executives want to understand cyber risk in financial terms,” comments Steve Harvey, CEO, BitSight. “BitSight is introducing an innovative approach to financial quantification that helps CISOs and Chief Risk Officers quickly measure their financial exposure using the same models available to the cyber insurance industry. Armed with this information, organizations can make smarter security decisions and prioritize investments to mitigate catastrophic financial loss. We are very excited to be expanding our partnership with Kovrr and bringing these robust capabilities to the enterprise customer.”
Further Deepening Kovrr’s Commercial Partnership with BitSight
“We’re pleased to announce this further deepening of Kovrr’s commercial partnership with BitSight,” comments Yakir Golan, CEO, Kovrr. “With the launch of Financial Quantification for Enterprise Cyber Risk we’re delivering enterprise risk professionals a pioneering way to consistently financially quantify their cyber risk exposure and support them to make data driven risk management decisions.”