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Cyber Safe Security has introduced a predictive security tool called CRQ Calculator that will enable CISOs, risk groups, C-Suites, and board members to design and implement a ROI-based online risk management system.
The company said in an official release that it had developed a predictable research model that would allow organizations to “truly control cyber threats” by answering two questions – first, “What are the chances of an attack?” and secondly, “If the attack happens, what financial losses could there be in my company?”
A Safe Security study shows that in the next 12 months the chances of a healthcare company becoming a victim of a successful online attack are 25% and 20% of a financial services company.
The study found that there was a 10% chance that a healthcare or financial services company would face an attack that could lead to data breach, and almost 8% of these organizations were responsible for ransomware attacks.
It also said that industries such as manufacturing and marketing face less than 15% of successful cyber attacks.
Also, in a ransomware attack, the ransom cost itself makes up only 10% of the total financial impact the attack can have on the organization. Other costs such as incident response and business disruption will have a significant financial impact on the organization.
The financial impact of successful breaches in the retail and manufacturing sectors, while only 15% of the potential, may be greater than other industries due to the potential high cost of business disruption.
Through this research, Safe Security said it had developed the CRQ Calculator, a free marking tool that provides results about online health and the potential financial risks of a particular industry.
These effects can be attributed specifically to the company based on its internal signals.
The calculator can be used by CISOs to understand industry estimates and cybercrime bases for further cyber risk assessments using Safe Platform, to measure their risk, to build a Cyber Risk Management system and to track ROI.
Cyber insurance companies and consumers can use the calculator to assess the online risks of their portfolio level, and adjust their prices and cover accordingly.
Also, portfolio management companies or private companies can measure financial risk due to the cybersecurity status of their portfolio companies.
“As human beings we like to predict the future. It all depends on which team wins tomorrow’s game, in the rainy season next week. The Safe Security team feels similarly interested in helping organizations understand their cybersecurity threats through potential models, “said Saket Modi, founder and CEO of Safe Security.
Modi said as a financial risk, internet risk needs to be controlled in real time based on internal and external data.
Earlier this year, Infosys and Safe Security entered into a joint venture to obtain a broader business vision for cybercrime and forecasts. Safe Security’s SaaS SAFE platform serves as a tool to predict the potential financial impact of each cyberattack before it happens.