FINAL WORD
If the damage is within acceptable limits , the business should focus its efforts on other facets of its cybersecurity strategy . However , to reduce the financial impact , they can either purchase cybersecurity products / services to improve their cyber-risk posture or patch identified vulnerabilities .
The problem is that in today ’ s dynamic and digitally native businesses , there are over 40 – 50 cybersecurity products / services ; each with its dashboard , warnings and priorities .
Cybersecurity teams are often overwhelmed and miss important SOC alerts that could potentially warn about ransomware attacks . Businesses should understand that more cybersecurity products do not mean better security .
A shift in mindset will enable businesses to move towards a predictive approach where signals – from various cybersecurity services – are unified and integrated in real-time , using ML-enabled risk assessment techniques to quantify the cyber-risk posture across all vectors ( people , processes and technology for first and third-party ).
A single dashboard approach that helps businesses measure , manage and mitigate threats such as ransomware and others will aid CISOs and security teams to have a proactive view of what ’ s going right and what can be better ; with a contextual understanding of the direct financial impact of every cybersecurity initiative undertaken to reduce the risks .
Lastly , a part of the cyber-risk can be transferred via cyber insurance and in 2022 , we will see a rise in mandatory cyber insurance to have a baseline level of protection , especially for businesses in critical sectors such as FinServ , healthcare , power , etc .
No organisation can be 100 % secure but they can be 100 % prepared . Cyber-risk quantification makes cybersecurity simple , de-jargoned and contextual by improving visibility of cyber-risk . •
Cyber-risk quantification can be a game-changer for insurers and businesses alike .
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