Secure Systems Innovation Corporation (SSIC), a cyber-risk management firm, announced the expanded application of X-Analytics, its patented method for measuring and modeling cyber risk, for executives and boards seeking clarity related to the economics of cyber-risk management.
SSIC’s X-Analytics Cyber Risk Board Advisory Service provides a complete, objective picture of enterprise cyber-risk by establishing the financial metrics that guide informed risk-management decision making. The model allows organizations to understand the probability and financial exposure associated with the spectrum of possible cyber-attacks across their business environments, communicated in simple economic terms.
The service enables cyber-risk clarity in the following ways:
Delivers an objective third-party framework and associated economic metrics to enable expected loss-ratio analysis related to the financial exposure caused by cyber-attacks;
Bridges the economic exposure of cyber risk with enterprise risk-management strategies, including proactive regulatory alignment with GDPR, SEC guidance, SOC for Cyber-security, and other regulatory and industry best practices;
Interconnects enterprise cyber-security and cyber-risk management activities with the insurance industry’s cyber-peril categories, enabling informed risk-transfer decisions that expand cyber-insurance risk transfer options; and
Produces the ability to conduct enterprise cyber-security return-on-investment analysis.
“Cyber-risk quantification is taking center stage in the boardroom with directors requiring an objective third-party framework and associated financial metrics to understand and manage cyber risk,” said SSIC President and CEO John Frazzini. “Harmonizing an organization’s financial exposure to cyber-attacks, as well as seamlessly aligning regulatory guidance with enterprise cyber-risk management and risk-transfer strategies, is the future of cyber-risk understanding in the boardroom.”