Cybersecurity company SafeSecurity has launched a predictive security tool called CRQ Calculator that will enable CISOs, risk teams, C-suite and board members to design and implement an ROI-driven enterprise. cyber risk management plan.
The company said in an official release that it has developed a predictive research model that will enable organizations to “really manage cyber risk” by addressing two questions- first, “what is the likelihood of an attack occurring?” and second, “If an attack occurs, what is the potential financial loss for my company?”
Research from SafeSecurity shows that the probability of a healthcare company being the victim of a successful cyberattack in the next 12 months is 25% and that of a financial services company is 20%.
The research states that there is a 10% chance that a healthcare or financial services company will encounter an attack that results in a data breach, and these organizations have about an 8% chance of facing a ransomware attack.
It further said that industries such as manufacturing and retail have a less than 15% chance of a successful cyberattack.
Furthermore, in a ransomware attack, the cost of the ransom is only 10% of the total financial impact of the attack against an organization. Other costs such as incident response and business interruptions will have a huge financial impact on an organization.
The financial impact of a successful breach on the retail and manufacturing sectors, while only a 15% probability, may be more significant than in other industries due to potentially higher business interruption costs.
Leveraging this research, SafeSecurity said it has developed the CRQ Calculator, a free benchmarking tool that provides outputs about cyber health and the potential financial risks of a specific industry.
These outputs can be specifically tuned based on the company’s internal signals.
The calculator can be used by CISOs to conduct customized cyber risk assessments using secure platforms to understand industry benchmarks and their baseline cyber risk, measure their own risk, create cyber risk management plans and track ROI. could.
Cyber insurers and brokers can use calculators to assess their portfolio-level cyber risk, and adjust their pricing and coverage accordingly.
Also, portfolio management companies or private equity companies may assume financial risk due to the cybersecurity posture of their portfolio companies.
“As human beings, we like to predict the future. Which team will win tomorrow’s match, everything from the chance of rain next week. Saket Modi, Co-Founder and CEO of Safe Security, SAFE Security Team, Probability Equally passionate about helping organizations understand their cyber security risks through the model.
Modi mentioned that like financial risk, cyber risk needs to be managed in real time based on data coming from internal and external environment.
Earlier this year, Infosys and SafeSecurity entered into a collaboration to get an enterprise-wide view of overall cyber risks and predict breaches. SafeSecurity’s SaaS platform, SAFE, serves as a tool for estimating the potential financial impact before each cyber attack occurs.