An Intellyx Brain Candy Brief
Squalify leverages a massive volume of cyber risk data from its parent company Munich Re to provide CISOs with a way to quantify cyber risk for insurance, mitigation, and cybersecurity budgeting purposes.
Quantifying risk is a difficult challenge because organizations would need to calculate how much financial exposure they would have should they experience a breach – a counterfactual that is impossible to pin down.
To address this challenge, global reinsurance provider Munich Re spun off Squalify to take advantage of its vast and ever-changing body of cyber risk data, as well as its AI model for calculating risks based upon those data.
While the parent uses those tools for underwriting, Squalify uses them to help its customers calculate potential losses due to cyberattacks, how much cyber insurance to purchase, how to remain compliant, and how much to invest in cybersecurity technologies.
Squalify also provides cyber risk monitoring as well as benchmarking against competitors’ cyber risk profiles. Companies can also calculate their return on security investment – a calculation that is impossible to make without the resources Munich Re brings to the table.
Squalify enables its customers to generate ‘what if’ scenarios to validate their cyber investment decisions, including worst case loss scenarios that C-suites often request of their CISOs.
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