Kovrr announced Quantum, the new version of its cyber risk quantification (CRQ) platform.
Quantum leverages multiple cyber risk models trusted by world-leading cyber insurers, to financially quantify exposure to cyber-attacks and third-party failures that can lead to significant financial loss. This empowers CISOs, Chief Risk Officers, and CIOs to make well-informed risk management decisions and enables them to justify cybersecurity investment and risk management strategies.
“As we continue to grow our business and leverage the best technologies to improve our customer experience, we are also looking to adopt the most advanced cyber risk management methodologies and solutions,” said Avi Benaroya of Swimoutlet.com. “Kovrr’s Quantum platform has been essential for us to routinely monitor and manage our changing cyber exposure so we can better understand the business impact and make more informed decisions. Seeing the potential financial impact of cyber risk also improves communication around cybersecurity from IT to our risk managers and executives.”
Cyberthreats are growing in frequency and severity, while also ballooning IT security budgets, causing increasing concerns among Boards and executives. According to Accenture’s “State of Cybersecurity Resilience Report,” 82% of respondents said their budgets increased from the year prior. Cyber risk quantification is essential to help businesses routinely evaluate the risk landscape and become more confident in allocating security spend to appropriate areas of the business.
“There is a growing urgency among companies to decrease financial exposure to cyber attacks, including the ransomware epidemic, but affecting real change in this area requires financial cyber risk quantification to receive buy-in for budget requests from the C-suite and Board members,” said Yakir Golan, CEO and co-founder of Kovrr. “Quantum is designed to help CISOs and Chief Risk Officers take control of this issue, enabling them to visualize the effectiveness of a cybersecurity program, assess the potential risk reduction for future cybersecurity investments, and form a solid risk transfer strategy.”
The latest features of the Quantum platform help companies make even better risks management decisions including:
- Cybersecurity investment optimization: Prioritize and justify cybersecurity investments based on business impacts and risk reduction.
- Measure effectiveness of cyber security programs: Assess the effectiveness of a cybersecurity program and stress test it based on potential risk mitigation actions, thereby supporting better resource allocation.
- Quantitative benchmarking and cyber risk exposure comparison: The platform can now perform a single financial quantification analysis on global offices or subsidiaries and business units of an organization for a more holistic view of cyber risk. Additionally, companies can benchmark and compare between different business entities in a consistent, measurable and accurate way.