RiskLens Launches New Cyber Risk Solution to Improve Cybersecurity Investment and Budget Decisions
Groundbreaking Risk Treatment Analysis Capability Informs and Guides Cybersecurity Investment and Budget Decisions to Meet Demand for Quick and Thorough Assessment of Risk Treatment Options
RiskLens, the leading provider of quantitative cyber risk management solutions based on cyber risk quantification, announced a new capability offered through the RiskLens SaaS platform: RiskLens Risk Treatment Analysis.
As CISOs and CIOs struggle with demands to reduce budgets in the current economic environment while reshaping security infrastructure to reap the benefits of cloud computing, artificial intelligence (AI) and other digital transformation projects, they need the tools to analyze and navigate the most challenging security decisions and trade-offs of our times.
The new RiskLens Risk Treatment Analysis capability enables cybersecurity teams to assess and compare risk treatment options and conduct timely cost-benefit analyses to optimize both spending and risk exposure.
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RiskLens is the global leader in quantitative cyber risk management and author of FAIR™, the international standard for cyber risk quantification. Our solutions and capabilities empower cybersecurity and risk management leaders to justify, prioritize and manage the cybersecurity investment decisions and risks that accompany digital growth and transformation.
With the new Risk Treatment Analysis capability of the RiskLens platform, security and risk managers can:
- Quickly assess and compare the impacts in financial terms that decisions on security investments, controls or other treatment options will have on risk exposure and cybersecurity budgets.
- Optimize, and when necessary, responsibly reduce cybersecurity budgets by identifying which options provide the largest cost reductions while minimizing the impact to risk exposure.
- Defensibly present the case to business management for new or rebalanced security investment to secure and support digital initiatives.
In designing the Risk Treatment Analysis capability, RiskLens created a simplified and purpose-built user experience with flexible reporting. The output from analysis, based on FAIR, summarizes results in easy-to-digest financial analytics and charts that are dynamic for preferred metrics, risk tolerance, and other variables. The net result is to elevate the typical, technically focused, non-quantified cyber risk assessment and transform it into a valuable business case that risk teams can confidently present to business leaders.
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Announcement of the Risk Treatment Analysis capability follows the recent launch of the Rapid Risk Assessment capability on the RiskLens platform, enabling organizations to run FAIR risk analyses in minutes that present loss exposure in financial values and produce flexible, customizable reporting that clearly prioritizes risks by probable impact. RiskLens clients use Rapid Risk Assessment to:
- Generate reports on top risks for boards of directors, auditors or regulators.
- Turn around decisions on policy review requests.
- Conduct emerging threat analysis, and many other functions.
“RiskLens continues to innovate to make risk analysis for cybersecurity, technology and operations faster, more solidly grounded in quantification, and more useful for decision makers,” said RiskLens CEO Nick Sanna. “We believe that the combination of our powerful software platform, our experienced professional services team, and our knowledge gained launching FAIR programs at many Fortune 1000 organizations, make us uniquely qualified to help large enterprises face the cyber risk challenges in this time of digital transformation.”
“RiskLens Risk Treatment Analysis will become an integral part of the cybersecurity decision-making process for our clients, providing clear and actionable guidance on the risk implications of both new and ongoing security investments,” said Julian Meyrick, Vice President, IBM Security.