Cyber-risk quantification (CRQ) expresses cybersecurity risk in terms of monetary value to the enterprise, translating technology concerns into business concerns.
The whitepaper - Cyberrisk Quantification - outlines considerations related to measurement—exploring verbal, ordinal and ratio scales and the issues involved with each—as well as dives into the methods for gathering data, including external sources, internal data sources, and the opinions of subject matter experts.
ISACA says cybersecurity practitioners can then learn about how Monte Carlo Simulations can be used to transform quantified inputs into CRQ outputs, as well as how to integrate CRQ with other risk assessment methods, including control-based assessments and vulnerability assessments and static/dynamic code analysis.
“CRQ can be a critical enabler of improving organisations’ approach to cyber risk,” says Paul Phillips, CISA, CISM, MBA, ISACA IT risk professional practices lead.
“However, cybersecurity measurement can bring its own set of challenges, including accurately gathering data and addressing issues with verbal and ordinal scales used to measure the risk.
“By understanding the CRQ techniques and additional risk assessment methods that can be implemented, as well as acquiring the right data from both internal and external sources along with SME insights, enterprises can have a clearer picture of the overarching threat landscape.”
For a complimentary copy of Cyberrisk Quantification, visit www.isaca.org/bookstore/bookstore-wht_papers-digital/whpcrq.