CyVaR is a decision support platform that quantifies an organization's financial risk exposure to cyberattacks. CyVaR enables CISOs, CIOs, Risk Managers and their organizations to answer:
CyVaR enables executives to see the financial impact of vulnerabilities and potential security incidents and arms them with the information they need to make smarter business decisions and manage risk.
The only way to truly know how to defend your network is to understand how cyber-attacks could financially impact your business. For example:
CyVaR lets you evaluate how risk can be reduced through a combination of risk mitigation and risk transfer. Each potential investment can reduce financial risk. Armed with this information, you can answer questions like, "Which set of investments will most cost-effectively reduce my risk?" and "How much, and what types, of cyber insurance will effectively transfer financial risk?"
CyVaR brings cyber security risk management decisions into the boardroom. Typical use cases include budgeting; project selection, prioritization and staging; vulnerability and risk assessment; and scenario planning exercises. CyVaR is also a powerful tool for helping businesses select the proper cyber insurance coverages.
Every company knows they have to invest in security, but they don't always know how to prioritize or stage those investments. CyVaR is helping companies assess their needs, build business-driven security investment plans, and reduce their cyber risk.
The biggest questions around cyber insurance are: What is my exposure; and what types of losses do I need to insure? CyVaR's calculations for expected annual loss enables you to determine the potential financial exposure your company faces in the event of a cyber-attack. It also lets you model different scenarios for potential loss, making it easier to work with an insurance broker to obtain the right policy and coverage.
CyVaR facilitates the creation of a profile of your assets, your business applications, your computing environment, and your defensive posture. CyVaR identifies the most valuable information assets and business activities that could be impacted by a cyber-attack, and then estimates the financial consequences of the potential loss for each. CyVaR next uses sophisticated attack modeling and Monte Carlo simulation to estimate the probabilities of those losses occurring and shows how those potential losses are distributed across business applications by financial loss type. The resulting analysis and mitigation recommendations are provided in both on-screen and printable reports.
According to the 2019 Cost of Data Breach Report from Ponemon Institute and IBM Security, the global average cost of a data breach has grown by 12 percent in the last five years to $3.92 million in 2020. This was driven by the multi-year financial impact of breaches, increased regulation and the difficult process of resolving cyber attacks.
The United States had the highest cost at $8.19 million and healthcare had the highest average industry cost of $6.45 million likely due to their high amount of personal data.
If you like CyVaR and think others would too, we'd appreciate it if you would spread the word!