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Cyber Risk Quantification

Understand your cyber risk to protect what matters most

Protiviti helps organisations in Australia strengthen cyber risk management by quantifying cybersecurity risks in financial terms.

As cyber threats increase, organisations need to move beyond qualitative assessments and adopt cyber risk quantification (CRQ) to support better decision-making, optimise investments, and improve resilience.

With increased spending to defend against cyber threats, more effective financial measurements are needed to support rigorous decision-making and answer questions including:

  • "What are the potential financial losses from each cyber risk?”
  • "How much cyber insurance does my organisation need?”
  • "Which risks should be prioritised?”
  • "How can we calculate ROI on cybersecurity investments?” 
How can we calculate ROI on risk investments?

Cyber risk quantification services

Risk landscape quantification

Assess and quantify enterprise-wide cybersecurity risk exposure, helping organisations prioritise cyber risks and align risk appetite with business objectives.

 

Build cyber risk quantification program

Build cyber risk quantification capabilities and integrate them into your existing risk management framework. This provides an ongoing, sustainable program for executive leadership to support meaningful decision-making.

 

Targeted quantitative risk analysis

Deliver targeted cybersecurity risk assessments aligned with Australian regulations, including APRA CPS 234, the SOCI Act, and ACSC Essential Eight.

 

Organisational decision support

Model loss exposure from individual scenarios and demonstrate return on investment and risk reduction by building specific business cases and supporting sound risk treatment decisions tailored to an individual project, initiative, or investment.

 

Third-party risk quantification

Assess and quantify third-party and supply chain cyber risk, strengthening vendor risk management and regulatory compliance.

 
Understand your cyber risk to protect what matters most

The value of cyber risk quantification

Cyber risk quantification enhances traditional cyber risk management and cybersecurity risk assessments by translating risk into financial terms. This  can empower you to:

Make better decisions
Cyber Risk Quantification (CRQ) enables security leaders and executives to “speak the same language” in financial terms. With financial measurements in hand, you can demonstrate how making the right investments can mitigate your cybersecurity risks and increased ROI.

Identify top risks
Cyber risk quantification begins with assessing an organisation’s current risk landscape. By considering the elements of threat and analysing the threat in financial terms, Protiviti can target and build a portfolio of top vulnerabilities or critical assets that reflect your priorities.

Understand risk’s true impact
Protiviti blends your data with industry data, threat intelligence and subject matter expertise to get a true picture of risk. Cyber risk quantification translates each potential risk to dollars and cents to forecast an estimate of your organisation’s potential future loss exposure and allocate your organisation’s resources to the most effective risk treatments.

Establish a clear, repeatable risk analysis method
Cyber risk quantification improves on historical risk assessments and analysis processes by requiring clear assumptions and defined estimates. The process is transparent and allows for continuous improvement that cannot be achieved through qualitative methods.

Protiviti’s approach to cyber risk quantification includes input from business users, asset owners, and key technical experts

How we leverage cyber risk quantification

Protiviti empowers our clients to make data-driven decisions. Cyber risk quantification allows you to:

Make effective risk management and budget investment decisions.

Cyber risk quantification helps you understand risks in terms of impact on overall business value while significantly reducing uncertainty and narrowing the range of potential loss outcomes. This helps manage and mitigate risks by allocating appropriate budget, time, and resources to risk management programmes.

Prioritise risks, assets, and threats to identify and protect what matters most.

Cyber risk quantification identifies critical risks that are the most likely to occur. Using the data from these analyses, effective comparisons can help decide which risks should be prioritised and which risks can be revisited later. This can save time and money while mitigating impactful risks.

Communicate and express risk to executive leadership in a commonly understood, repeatable way.

Through probabilistic analysis and the use of financial models, quantifiable data can be turned into valuable information. Communicating the range of potential loss in a commonly understood way–i.e., financial terms–allows management to clearly understand and make more informed investments.

Protiviti’s approach to cyber risk quantification includes input from business users, asset owners, and key technical experts
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Client Story

September 24, 2024
7 min read

Enhancing Cyber Resilience Strategies in Global Manufacturing with the FAIR Methodology

Protiviti helps a global manufacturer enhance cyber resilience strategies with a Factor Analysis of Information Risk (FAIR) quantification programme.
Read more

Leading the way on cyber risk quantification

Protiviti’s Cyber Risk Quantification (CRQ) solution delivers a continual, data-driven assessment of a company’s current state of cyber risk. Protiviti is a Founding Advisory Partner of the FAIR Institute, the leading professional organisation supporting the use of CRQ.

This puts Protiviti at the forefront of innovative CRQ approaches and thought leadership. The Protiviti team includes members from varying backgrounds, all specializing in quantifying risk.

What is Cyber Risk Quantification(CRQ)?

Cyber risk quantification uses industry-leading and highly vetted probabilistic models to more accurately describe a company’s cybersecurity and technology-based risks. Protiviti leverages Factor Analysis of Information Risk (FAIR) to conduct cyber risk quantification, which provides an understanding of the financial loss exposure related to cyber threats on a per scenario and aggregate basis. The FAIR model is open source and industry-vetted, which helps organisations understand the analysis and translate it between all stakeholders and even other organisations.

Cyber risk quantification is not an entirely new process in relation to traditional qualitative risk models (i.e., NIST CSF). A traditional control-based assessment informs where vulnerabilities and gaps are present, but cyber risk quantification goes a step further and translates those vulnerabilities into dollars-and-cents terms executive leadership can understand to compare risks and focus on those with the most impact. Both processes complement each other through a thorough analysis of assets, threats, and effects.

Protiviti’s approach to cyber risk quantification includes input from business users, asset owners, and key technical experts who may not have been previously included in cyber risk assessments. We then take readily available industry and threat data to these subject matter experts to make more accurate measurements for each factor within a given risk. This approach is increasingly adopted by organisations in Australia to support regulatory compliance and cyber risk governance obligations.

Case studies

Situation: A consumer products and services company lacked enterprise-level risk landscape clarity and did not have the resources to maintain a cyber risk quantification program.

Value: Protiviti helped increase the risk landscape clarity of application and infrastructure environments and developed cyber risk quantification policies. More than 80 triage risk assessments were conducted, and training and workshops were completed for members of the security engineering team.

Situation: An international bank group needed support to structure its cybersecurity program. A study of the bank’s business risks was conducted to address the business needs of the cybersecurity program.

Value: The bank received new insight into their IT controls and cybersecurity infrastructure and gained access to a preferred supplier that immediately supported their cybersecurity infrastructure needs.

Situation: An international bank wanted to define and document its three-year cyber security strategy.

Value: Protiviti provided the bank with a digital visualisation of the control blueprint, a threat analysis approach, and models of two example threats.

Situation: A large insurance and financial services organisation had issues with its data privacy and security policies and procedures, which were not evolved to address emerging data privacy and security regulations.

Value: Protiviti provided improvements to security risk management practices and strengthened the privacy compliance posture of the organisation.

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