Making cyber risk quantification work for your business – where do you start, and how do you make it meaningful?

Over the past 3 years there has been increasing focus on the financial impact and costs of cyber incidents, and a growing desire for cyber professionals to include financial loss information and quantification risks into their cyber security strategies, board reporting and investment analysis. While there are a variety of ways to approach cyber quantification, many organisations and individuals struggle with the basic building block issues of how to source data, what to present, and how to understand the questions and concerns which are likely to arise where scenario and loss information is shared across their business.

As well as this, cyber risk professionals increasingly want to examine a broader range of loss scenarios and consequential impacts such as those arising from ransomware attacks which down operations and supply chains losses. This often requires cyber risk professionals to engage with other parties of their organisation and build cross functional understanding to be able to better explore potential revenue impacts, profit and loss drivers, and the consequences resulting from legal obligations.

This session will explore common mistakes and pitfalls that are made when approach cyber risk quantification and provide insights on how to better understand and present cyber loss information to business stakeholders.

The session will also explore how to leverage threat landscape issues, cyber risk scenario development, data sources and range calculation exercises. Other common challenges that will be explored include how business often struggle to examine key assets and map potential business impacts.

The session will also help attendees leverage quantification information to better examine the strategies to adopt for risk mitigation and risk transfer. From a cyber insurance perspective, this will include how organisation can obtain greater confidence that key potential cyber losses are addressed through limit, insurance design and structuring options.