Risk management is in the midst of a “risk renaissance.” Businesses today are almost entirely run on digital platforms—increasing the need for organizations to think more strategically about managing cyber risk. To meet this growing demand, companies need to adopt a different approach to understanding and managing risk. But, how?
Risk quantification allows organizations to identify and communicate risks and threats in monetary terms—helping to make cyber risk part of strategic business decisions. Below are four key benefits of risk quantification:
1. A Common Language
Communicating risk findings so that all stakeholders understand the business implications helps companies align and respond to risk more effectively. Quantitative measurement generates a consistent understanding of what high, medium, and low risks mean and how different threats can impact the company financially. Companies can prioritize and respond to risks and threats more rapidly, becoming more agile and adaptable, with the power to make quick, data-informed risk decisions.
2. A More Objective Approach
Risk quantification presents companies with a more
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