We are pleased to announce the strategic partnership between Kovrr and metafinanz. This collaboration brings together Kovrr’s on-demand cyber risk quantification (CRQ) solution and the expertise of the Munich-based business and IT consulting company metafinanz in delivering tailored CRQ services. Together, we are expanding our ability to help organizations in the DACH region strengthen cyber resilience and meet growing regulatory demands.

Cybersecurity performance management (CPM) is the process of continually assessing and optimizing an organization's security posture. As cyber threats evolve, organizations must ensure their security measures are withstanding this increasing sophistication of ensuing attacks. However, with this rapid rate of change, traditional approaches to cybersecurity performance measurement, which often rely on static technical metrics, are failing to capture the broader business impact of cyber risks.

‍Cyber security governance, risk, and compliance (GRC) programs are often viewed as cumbersome - a necessary yet costly component of doing business, providing very little value to the organization in terms of strategic impact. This narrow perception, unfortunately, limits the plethora of opportunities that a robust cyber security GRC framework would otherwise unlock.

‍As digital threats grow more sophisticated and cyber regulations expand in scope, business stakeholders are beginning to recognize the need to learn more about cybersecurity and how it impacts organizational performance. With this recognition comes the elevation of chief information security officers (CISOs) into the boardroom, tasked with explaining these cyber intricacies and offering strategies that can help safeguard operational resilience and drive long-term growth.

A little over a year ago, the US SEC’s rules on cybersecurity incident disclosures were enacted, mandating that all publicly traded companies report material cyber events within four days after they had been determined as such unless exempted for national security or safety reasons. The rationale behind these rulings was that they would provide investors and relevant stakeholders with the information necessary to make more informed decisions, thereby leading to more realistically priced options.

‍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.

As a part of its ongoing commitment to providing chief information security officers (CISOs) with practicable insights that guide high-level cyber risk management decision-making, Kovrr's latest model update increases the number of yearly trials in its Monte Carlo simulation by 150%.