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Method and System for Quantifying Cybersecurity Risks by providing Flexible Risk Quantification Model

IP.com Disclosure Number: IPCOM000241369D
Publication Date: 2015-Apr-21
Document File: 2 page(s) / 27K

Publishing Venue

The IP.com Prior Art Database

Abstract

A method and system is disclosed for quantifying cybersecurity risks by providing a flexible risk quantification model.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 51% of the total text.

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Method and System for Quantifying Cybersecurity Risks by providing Flexible Risk Quantification Model

Quantifying and qualifying information technology (IT) risks effectively within a corporate enterprise environment are exceptionally difficult. However, it is imperative that business leaders and executives are able to understand and assess risk at a practical level, enabling informed decision making and effective enterprise governance / protection. Many organizations are grappling with a dearth of available options for effectively measuring and assessing cyber risk within a business context. Current solutions do not generally focus on, or appropriately address, cyber security risks in an enterprise environment.

Disclosed is a method and system for quantifying cybersecurity risks by providing a flexible risk quantification model.

In one implementation, the method provides a systematic risk quantification model for effectively identifying, measuring and assessing cyber security risk. The risk quantification methods disclosed herein provide a flexible framework for assessing, measuring and calculating risk based on a comprehensive set of base criteria. The scalable and customizable solution helps to address and overcome central challenges that have plagued business leaders and senior managers to the point and provides a defensible means for assessing and mitigating cyber security risk. Considering the prevalence and significance of recent data breaches, as well as the increasing regulatory and governance requirements, the risk quantification model has innate advantages over other generic and non-cyber specific models. The flexible risk quantification model includes several unique components and tools that differentiate the intelle...