On-demand cyber risk quantification (CRQ) models have the power to assess an organization’s unique risk profile and, subsequently, generate data-driven insights that facilitate informed risk management decisions. The basis of these insights is grounded on a probabilistic approach to event forecasting, which involves simulating thousands of potential cyber scenarios a business may experience over a given period, typically the upcoming year.

‍In response to the growing number of disparate cyber regulations across its member states, resulting in inconsistent cybersecurity practices, the EU drafted Directive 2022/2555, more commonly known as NIS 2. This sweeping directive, officially in effect in October 2024, aims to ensure a more uniform, proactive approach to cyber risk management across the union in the face of an interdependent market and increasingly costly risk landscape.

From the individual to the global level, managing risk is a part of life. While in some contexts, poor risk planning merely results in minor, inconsequential outcomes, in others, such negligence can be catastrophic. Take the July 2024 CrowdStrike incident, for instance, during which a faulty software update put global airlines out of commission, took broadcasters off the air, and cost the market upward of $5 billion in uninsured losses.