Automating Cyber Risk Quantification

Introduction

This case study delves into the journey of a prominent retailer (referred to as "the company") as they navigated the challenges of enhancing trust in board relationships and reporting the status of cyber risk. The company recognized the need for more accurate assessments and better data to overcome limitations posed by their stretched human capital. By implementing a cutting-edge Cyber Risk Automation Platform, they achieved significant outcomes, including improved risk mitigation, cost savings, and enhanced efficiency. This study highlights the tangible benefits derived from the platform, shedding light on how it contributed to the company's overall risk management strategy and its ability to prioritize risks based on quantified impact.  

Client

‍A leading retailer, leveraging our platform to automate cyber risk management and strengthen their cybersecurity defences.

Challenge

The retailer faced challenges when building trust with their board and improving confidence in reporting cyber risk.

• Transitioning from subjective to quantified risk reporting.
• Needing better data for accurate risk assessment and difficulty allocating time and resources for data collection and analysis
• Overcoming limited availability of staff and an already stretched-thin workforce
• Urgent need to simplify cyber risk quantification.

Solution

Alfahive's platform, RiskNest^TM, offers a unique industry-specific quantification solution tailored to address the cyber risk quantification needs of the company in this case study. With pre-built scenarios designed specifically for the retail industry, RiskNest enables more precise and accurate risk assessments

• Powered by an OpenFAIR (TM)based machine learning model and trained on a vast dataset of over half a million historical incidents.
• Ensures effective analysis and quantification of retailer-specific cyber risks with pre-built scenarios
• Utilizes a patent-pending incident model to enhance the accuracy and reliability of risk assessments.
• Provides automated, detailed recommendations for improving security controls.

Implementation

Alfahive's streamlined implementation approach for the cyber risk automation platform consists of a straightforward six-step process:

• Seamless Subscription: The Cyber Risk Manager effortlessly subscribes to an industry-specific Cyber Risk Quantification (CRQ) model. This model is tailored to their specific industry, making it easier to quantify and manage cyber risks effectively.
• Efficient Data Entry: The Risk analyst enters the necessary business information and selects from a range of pre-set risk scenarios. By leveraging these pre-set scenarios, significant time and effort are saved, allowing for a swift setup process.
• Smooth Integration Configuration: The platform administrator configures the integration adaptors with the security assessment tool, harnessing the power of pre-built APIs. This seamless integration ensures that data flows seamlessly between the platform and the security assessment tool, eliminating any potential disruptions.
• Tailored Risk Customization: The Risk analyst has the flexibility to customize inputs for individual risk scenarios based on their specific needs. This customization empowers them to fine-tune the platform to their unique risk landscape, ensuring accurate and comprehensive risk assessment.
• What-If Scenario Reports: With the platform's capabilities, the Cyber Risk Manager generates What-If scenario reports. These reports present various risk treatment options to the board and executive team, allowing them to make informed decisions regarding cyber risk mitigation strategies.
• Comprehensive Reporting: The CISO or Cyber risk leader runs a prioritization report that aggregates risks at the enterprise level. By downloading key reporting widgets, they can prepare board reports efficiently. This comprehensive reporting provides a holistic view of the organization's cyber risk landscape, enabling informed decision-making and strategic planning.

Alfahive's implementation offered the retailer a swift and efficient process. The subscription to an industry-specific CRQ model, customizable inputs, and pre-set scenarios accelerated implementation, ensuring faster time to market. The platform's ease of use and integration control adaptors enhance cyber risk quantification effectively.

Result

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By adopting RiskNest, the company experienced a notable boost in model precision and analysis inputs. The platform offered a comprehensive selection of scenarios readily available, eliminating the need to create and coordinate new ones as required. The manual effort involved in scoring controls and converting them to subjective FAIR inputs was significantly reduced, as RiskNest's algorithm interpreted control maturity scores and seamlessly incorporated them into calculations.

One of the key benefits was the improvement in the quality of risk assessments without demanding additional resources. RiskNest's advanced capabilities and defaults provided the company with a more accurate and reliable risk modeling approach, empowering them to move away from cumbersome spreadsheets. Moreover, RiskNest ensured access to the right data, leading to an increase in accuracy and confidence in the risk modeling.  

Summary

The company has achieved measurable benefits from the automated risk quantification solution, including:

• 3x-4x more objective data points for board reporting.
• Introduction of trend reporting to stakeholders.
• 5x increase in quarterly risk scenarios performed.
• 50% reduction in time spent on control scoring and FAIR assessments.

The solution has improved the company’s risk management strategy by providing accuracy in assessments, saving resources, and enabling efficient risk prioritization. It streamlines the process, allowing more time for risk remediation efforts and less time debating scores. Although quantified results are not currently factored into ROI considerations, the solution has enhanced the company’s ability to prioritize risks based on their quantified impact.