Cybersecurity is finally becoming a c-suite and board-level concern. The combination of recent and massive SEC fines and a spate of executive resignations have finally made the point that enterprise executives can no longer see security risk as the sole responsibility of IT. But this realization doesn’t change the fact that most c-suite executives and directors remain ill-equipped to assess or manage this risk.
Startup, RiskLens, aims to help equip the c-suite to close this gap and make better decisions when assessing and mitigating risk at the organizational level. To do so, the company aims to help these executives translate cybersecurity risk into business and financial terms. The company claims to be the only technology built on something called the FAIR model — which stands for Factor Analysis of Information Risk.
The platform enables enterprises to use the FAIR model and combine it with out-of-the-box risk assessment information (loss tables, threat profiles, etc.) and company-specific data collected through a wizard-like interrogation process it calls ‘workshops.’ This process helps organizations identify those assets, threats, and controls, among other information, that are important and relevant to them.
The platform uses this data in combination with the FAIR model to create a comprehensive set of reports and dashboards that help directors and executives answer questions like, “How much risk do we have?”, “Have we reduced risk?” and “What type of loss can we expect?” The ultimate goal of which is to help executives better decide how much to spend on security and where to invest those resources — and to do so in the context of their overall enterprise risk management strategy.
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