You may or may not have already listened to one of our podcasts, read our eBook, or caught one of our blog posts about risk quantification, but we’ve been talking about it a lot. Why? At LogicGate, we see risk quantification as a way to help you make informed decisions about critical risk scenarios. And that’s a big deal. Risk quantification enables you to prioritize risks by the magnitude of potential loss for better cybersecurity budget allocation, investment, and mitigation strategies.
Right now, risk quantification is experiencing wider acceptance as a methodology. One reason is the growth of companies’ access to historical data. Another reason is that risk quantification makes it easier to communicate your risk posture to the board and key stakeholders. Viewing risk numerically and expressing the math in relateable and measurable terms leads to better understanding and alignment throughout your organization. I’ll walk you through a few of my tips on how to get started with risk quantification or at least help deepen your understanding.
Ask the Right Questions to Get the Right Answers
Risk quantification is a journey, not a sprint. To get the results your organization wants, you need to have the proper commitment and mindset. A great place to start this journey is to make sure the right questions get answered. Here are five questions to consider when thinking about your organization’s quantitative risk analysis: see a complete list of questions here.
Which objectives could fail due to current risks and what is the