Companies are spending more money than ever on cybersecurity. Yet, attacks are growing—and so are the damages and repercussions, both financially and regarding public reputation. With the stakes rising, there’s no question that when it comes to cyberattacks, companies need to better understand their risks and where and how to invest in reducing them.
Although risk quantification has emerged in recent years as a key concept and buzzword in cybersecurity, what this really means is still not fully understood and implemented. True risk quantification in cybersecurity requires a new integrative approach, melding the cyber and technical aspects with the business side of an organization. It goes way beyond meeting compliance requirements, keeping up with the latest tools or filling out the types of questionnaires used to get cyber insurance coverage.