How to Figure Out How Much Cybersecurity Threats Will Cost Your Organisation
Cybersecurity threats usually cause a number of problems: from server downtimes to data loss or even theft of sensitive information you have stored. All of those threats leave a financial impact, with things like:
- Regulation impact (fines)
- Impact on your working capabilities leading to delays or preventing your ability to make sales
Some cyber threats might even cause irreparable damage to reputation and public image, which could severely impact future business opportunities.
And that’s where cyber risk quantification comes in.
Why should you quantify cyber threats?
While some cyber threats are easily quantifiable, others, such as loss of reputation or trust, are not. Knowing the financial impact of cyber threats allows you to react appropriately, investing more money into mitigating threats that leave a larger financial impact.
It also makes cyber threats easier to see and understand from the business perspective of an organisation, allowing decision-makers fast and easy comparison and understanding.
By employing cyber risk quantification, you will be able to:
- Make faster and more informed decisions
- Compare technological and financial risks more easily
- Simplify communication
- Show ROI on solutions and proposed costs
By being able to communicate in the financial context, you make it easier to communicate threats to the board, which allows for faster decision-making and reduces the risk of a cyber threat by responding to it faster.
While the benefits of cyber risk quantification are undeniable, it’s not always easy to quantify cyber threats. Assessing the financial impact of cyber threats has never been simple.
How to quantify cyber risk
In order to make the right decisions, you need to properly quantify cyber risk. Boardish is a tool designed for exactly that purpose. Boardish gives you the ability to turn threats into financial impact as well as quantify the full solution costs to show your mitigation number.
By using Boardish, you can quantify and compare several solutions to see how financially exposed you are. By running quick simulations, you will be able to find the most effective solution or a combination of several solutions in just a few clicks. You can make snapshots of the current security posture and monitor it in the future.
All this information is communicated in financial terms, making it easy to present and understand by the board!