Historically organizations have measured and prioritized their cyber risks based on the experience of their cyber experts and third-party consultants. This approach has not been ideal. As a cyber breach can cause a huge loss to an organization in terms of regulatory fines, brand value loss, customer loss, and after breach expenses like legal expenses, forensic expenses etc., it's important to have a method that converts the potential cyber risk loss into dollar values, so that organizations can prioritize their cyber risks and strategize their cyber investments.
Unfortunately, there do not appear to be many organizations quantifying their cyber risks. As per Deloitte’s 2019 Future of Cyber Survey, half the C-suite executives responded that they use any quantitative evaluation; while the other half still dependent largely on the manual approach - experience of their cybersecurity experts or maturity assessments.
This insight guides you through the advantages of quantifying cyber and IT risks to achieve a robust cybersecurity program.
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