The document outlines a task force's vision and mission to enhance cyber risk management through advanced analytics and actionable insights. It identifies challenges organizations face in assessing vulnerabilities and highlights an action plan that includes developing quantitative risk analysis frameworks and integrating cyber risks into overall management. The scope applies to all electronic systems, and the document emphasizes the importance of tools, compliance, and effective communication in mitigating cyber threats.

1. CISOPlatform TaskForce
Cyber Risk Quantification &
Cyber Insurance
11th
May 2024

2. Task Force Contributors
1. Gokulavan
2. Gowdhaman
3. Thamarai
4. Prabhakar

3. Vision & Mission
• Vision
Harnesses the power of advanced analytics to turn cyber
risk into strategic decision-making. Our goal is to
empower peers to not only defend against cyber threats
but to thrive through superior risk management
strategies that are predictive, preventive in nature, and
precise.
• Mission
We strive to provide actionable insights including
financial implications, enabling precise risk management
decisions that enhance the security posture, compliance,
and become competitive in the industry.

4. Problem Statement
• In today's digital age, organizations of all sizes and across all
industries face an escalating array of cyber threats that can
undermine their operational integrity, customer trust, and
financial stability.
• Despite the critical importance of cybersecurity, many businesses
struggle with assessing the extent of their vulnerabilities and the
potential impact of cyber attacks due to a lack of precise,
actionable data and its financial implications.
• Traditional cyber risk management approaches often rely on
qualitative assessments or outdated quantitative models that fail
to capture the dynamic and complex nature of modern cyber
threats.
• This results in a significant gap in strategic planning and resource
allocation, leaving organizations ill-prepared and reactive in the
face of cyber incidents

5. Action Plan To Address Problem
Statement
• Assess Current Cyber Risk Management Practices
• Develop a Framework for Quantitative Risk
Analysis
• Implement Advanced Quantification Tools
• Integrate Cyber Risk into Overall Risk
Management
• Continuously Monitor and Update Risk Metrics
• Create a Culture of Cyber Risk Awareness
• Evaluate Effectiveness and Report Outcomes

6. Scope & Applicability
• Applies to all Electronic devices (hardware &
software), data, applications, data transport
links and employees/partners who operate
the same.
• Any organization where the peer would like to
implement, their locations, departments,
stakeholders, regulatory & compliance.

7. Critical Capabilities
• Prerequisites
• Capability to gather comprehensive data
• Advanced analytical tools
• Sophisticated risk models [FAIR Methodology]
• Simulation capabilities
• Real-time threat intelligence
• Contextual analysis [UEBA]
• Integration
• Integration with existing systems
• Automation capabilities
• Post Reports & Actions
• Compliance with standards
• Reporting tools

8. Product Buckets
• Safe Security Enterprise
• Security Score Card
• Balbix
• Squalify
• Metricstream
• Zeron
• Alfahive (RiskNest)
• Rivial Data Security

9. Vendor evaluation checklist
• Experience & Expertise
• Tools & Techniques
• Data Security & Privacy
• Technology & Infrastructure
• Threat Intel & Processing Speed
• Adaptability & Customization
• Reporting & Communication
• Client Support & Service
• Compliance & Regulatory Support
• Cost Structure & ROI
• References & Reputation

10. Functionality
• Technology
– Automated Data Gathering
– External Threat Intelligence
– System Integration
– Statistical Risk Modeling
– Scenario Analysis
– Predictive Analytics
– Probabilistic Modeling
– Adaptive Learning
• Reporting
– Financial Impact Quantification
– Risk Scoring
– Real-time Alerts

11. Commercial
• Use Case Analysis
• POC & Feature comparison
• Compare between partners costing
• Negotiate
• Contract & NDA
• Finalize

12. Management and Support
• Get buy-in from management including CFO
for POC
• Share the results and understand how it helps
the organization:
• Security Posture
• Risk Quantification
• Financial Impact
• Ratings to share with customers

13. Cyber Insurance
• Use the CRQ data for reducing Cyber
Insurance cost.
• Use cyber insurance company inputs to fine
tune your CRQ solution/model
• Bring rationale between CRQ financial impact
and Cyber insurance values.
• Be aware of
• threshold values/base values above which
insurance will be paid.
• downtime requirements from insurance