Quantifying the financial impact of cyber risk

The world is going through challenging times and cybersecurity is no exception. The last two years have highlighted the financial and operational impact of cyber attacks on businesses of all sizes and sectors, and their supply chains. Critical infrastructure is under attack, and ransomware attacks have increased by 486 per cent over the past two years. As cybercrime is now estimated to cost the world economy more than $1 trillion, businesses, investors, and governments struggle to assess and quantify cyber risk.

We are entering a new era for cybersecurity and businesses worldwide recognise its urgency; it must be evaluated and priced, whereas data and analytics need to be the heart of this significant market transformation. The recent partnership BitSight established with Moody's is an excellent example of a way to help customers manage cyber risk in an increasingly digital world by bringing together best practices to their governance strategies.

Being exposed to cyber risk is an inevitable part of doing business today, so cybersecurity is no more just an 'IT problem' as it once was. However, building and maintaining a strong cybersecurity programme requires constant vigilance, making the process of measuring performance over time quite challenging. You might ask 'What measurement standard should organisations strive for, and why?', 'How does the organisation's performance impact their financial exposure to cyber risk?' and 'How can business leaders more effectively determine, according to the organisation's risk appetite, if they are willing to accept, mitigate, or transfer cyber risk via cyber insurance?'

Join our webinar to get all the answers and see how to:

Drive accountability across your extended organisation by establishing uniform performance targets as an integral part of your cybersecurity governance program.
Establish cyber risk financial exposure thresholds to measure the effectiveness of your program policies.
Continuously assess the effectiveness of your security controls and remediate any gaps according to best practices frameworks.
Instil confidence in your cybersecurity program performance by communicating easy-to-understand program KPIs to your board of directors and other key stakeholders.

Area of expertise:

Payments, innovation & resilience

Tags:

Data protection Fraud Risk management

Stephen Boyer

Co-Founder & CTO at BitSight

Stephen co-founded BitSight in 2011 and is the Chief Technology Officer. He holds a Bachelor degree in Computer Science from Brigham Young University ...

Stephen co-founded BitSight in 2011 and is the Chief Technology Officer. He holds a Bachelor degree in Computer Science from Brigham Young University and Master of Science in Engineering and Management from the Massachusetts Institute of Technology.

Ian Burgess

Director, Digital Technology and Cyber

Ian leads UK Finance's operational and policy work on cybersecurity and third party risk management. In this role he engages with key industry stakeho...

Ian leads UK Finance's operational and policy work on cybersecurity and third party risk management. In this role he engages with key industry stakeholders to develop and operationalise collective action initiatives on behalf of the financial sector, as well as responding to UK, European and Global policy consultations on behalf of UK Finance members.

Before joining UK Finance Ian worked within the Technology Risk leadership team at BNY Mellon and prior to that served for eight years as a British Army Officer.

Lesley Ritter

Vice President - Analyst, Moody’s Cyber Risk Group

Lesley Ritter is a Vice President - Analyst in Moody’s Cyber Risk Group where she is responsible for researching and publishing credit relevant cybers...

Lesley Ritter is a Vice President - Analyst in Moody’s Cyber Risk Group where she is responsible for researching and publishing credit relevant cybersecurity reports in collaboration with the broader Moody’s analytical community. Prior to joining the Cyber Risk Group, Ms. Ritter was a lead credit analyst in the Public Power and Infrastructure team where she covered a portfolio of US-based regulated electric and gas utilities as well as natural gas pipeline companies. Ms. Ritter completed her credit training at GE Energy Financial Services where she was an associate in the origination team covering the global power, midstream, and oil and gas space. Ms. Ritter holds a Bachelors in Economics from Union College and a Masters in Finance and Energy Policy from Columbia University.

BitSight

Bitsight is a cyber risk management leader transforming how companies manage exposure, performance, and risk for themselves and their third parties. G...

Bitsight is a cyber risk management leader transforming how companies manage exposure, performance, and risk for themselves and their third parties. Global enterprises, governments, and organizations rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their chances of financial loss. When unrelenting market pressure pushes organizations to uncertainty and caution, they turn to Bitsight to confidently navigate cyber risk and grow with confidence.

Bitsight’s universally recognized risk standard and market-leading data provides actionable insights into how companies set and manage to standards and report results to internal and external stakeholders. Built on over a decade of technological innovation, Bitsight’s integrated solutions deliver value across enterprise security performance, digital supply chains, cyber insurance, and data analysis.

Bitsight is on a mission to free the global economy from the material impact of cyber incidents. For more information, visit bitsight.com.

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