Cyber risk, compliance and quantification

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government entities to protect broader economic and societal interests by seeking to address issues from the types of incidents that have previously wreaked havoc. Businesses, however, need to look at their own tailored threat landscape and assess what measures are needed that go beyond compliance. This approach is key to ensuring their continued growth in a fast-evolving world of cyber threats.Kishan: It’s easy to be compliant but harder to be more resilient to cyber threats, and there’s an intersection between those two. Compliance with regulators also means there are some levels of resilience to threats, but a significant portion isn’t. Regulations are lagging indicators of things that we already know, for example, attack vectors; we need to be ahead of the curve, especially in certain industries like the military, financial services and pharmaceuticals. think this makes our job much harder.How is quantifying cyber risk in dollar terms beneficial and challenging for a financial institution?Kishan: It’s very beneficial to compare cyber risk with other types of risks, certainly in financial services. It’s easy to quantify credit and market risks, but it’s much harder for cyber risks. The attraction and messaging make it easier if you can quantify it and put risks in dollar terms. However, there’s a real challenge in doing that because the industry frameworks, such as Factor Analysis of Information Risk (FAIR), are only as good as our inputs. Often, a level of precision isn’t there in terms of specificity. It’s a maturing landscape, but it’s a massive uphill struggle currently.scenarios instead of everyone doing it themselves and coming up short.Ria: Cyber risk quantification strategies can be immensely helpful in multiple ways. For example, they can help a company assess what realistic insurance coverage may be needed; these quantification strategies may also be crucial during a cyber crisis in helping an executive leadership team to assess critical decisions, such

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