‍Managing risk is not an isolated process; it involves a series of coordinated efforts, sometimes spanning across teams, to identify threats, mitigate vulnerabilities, and ensure the organization remains resilient.

‍Embracing cyber risk management during a time in which the average cost of a data breach nearly surpasses $5 million is not merely a strategic option; it’s an absolute imperative. ‍ This calculated move, however, is not as straightforward as deploying an end-point detection solution, for example, or conducting monthly cybersecurity awareness sessions.

Cyber risk quantification (CRQ) is the process of attributing numerical values to a cyber event's impact on an organization. When defined in financial terms, these values enable enterprises to assess and manage their cyber risks at the operational level.

‍ ‍While each organization faces its own unique set of cyber risks that must be carefully assessed and managed in order to reach a state of resilience, certain events are nearly inevitable in today's threat environment, having the potential to create damaging ripple effects across the global market. Early in 2024, Kovrr's cyber risk quantification models identified these potential cyber incidents and loss scenarios most likely to impact organizations worldwide in the upcoming year.