According to a study by Lloyds of London (2021), cyber risk is a business risk that could cost between $600 and $1,000 billion dollars per year worldwide.
However, business leaders do not always have a realistic perception of risk and CISOs struggle to communicate an accurate picture of cybersecurity posture, including the potential financial losses from a cyberattack.
EGERIE, a leader in risk-based cybersecurity management, and C-Risk, a leading international authority in cyber risk quantification, announce a partnership allowing their customers to benefit from the analysis and quantification of cyber risk using the FAIR™️ methodology (Factor Analysis of Information Risk).
The new EGERIE platform now makes it possible to financially quantify cyber risk (FAIR™ quantification methodology) providing management a more accurate view of their organization’s risk exposure. Starting from the existing cyber landscape of an organization, EGERIE’s technology tracks operational cyber risk scenarios and groups them into a quantified risk Universe to better inform arbitration and decision-making.
“The FAIR risk quantification method brings an additional tool to manage cyber risk. It allows CISO’s and cybersecurity managers to complement their 360° vision by integrating economic and financial information. These are processed and matched with their potential business impact. By sharing these elements with the senior management and the Board, they can better prioritize cyber investments, and thus make better decisions. explains Jean Larroumets, President and Founder of EGERIE.
As part of this partnership, C-Risk, a recognized Cyber Risk Quantification authority, will make it’s expertise (CRQ Knowledge Base™) available to EGERIE’s customers. C-Risk’s CRQ enablement services support the understanding and implementation of the FAIR™️ quantification methodology and the definition of quantified risk scenarios.
“Cyber Risk quantification is a decision-making and communication support tool for presenting information risk in financial terms to general management, justifying and prioritizing cyber security budgets and optimizing a company’s cyber insurance”, adds Christophe Forêt, President of C-Risk.
About EGERIE :
Thanks to its integrated software platform, EGERIE, a leading European software editor, enables organizations to industrialize their risk-based cybersecurity programs. Recognized by the highest governmental and regulatory authorities, EGERIE’s collaborative approach and smart technology, helps customers centralize and orchestrate their cyber-risk assessment strategies by dynamically identifying the high risks & threats, measure the results of risk mitigation efforts while getting buy-in from all levels in the organization.
C-Risk offers solutions, based on the FAIR™️ standard, to measure cyber security performance, quantify cyber risk in financial terms and manage third party cyber risk. Recognized internationally for its expertise in cyber risk quantification (CRQ), C-Risk offers training on the FAIR™️ methodology and risk quantification services enabling organisatons to measure risk exposure in business terms, prioritize investments and improve information security governance.