Board-Level X-Analytics Advisory Service Delivers Financial Metrics to Reduce Complexity of Cyber Risk
ARLINGTON, Va., March 19, 2018 – Secure Systems Innovation Corporation (SSIC), a cyber risk management firm that empowers strategic decision making, is announcing the expanded application of X-Analytics®, its patented method for measuring and modeling cyber risk, for executives and boards seeking clarity related to the economics of cyber-risk management.
Organizations around the globe are prioritizing board-level, non-technical understanding of the economic impact of cyberattacks. As such, regulation and guidance on the topic of board oversight into cyber risk have emerged, including the European Union’s General Data Protection (GDPR) requirements, the National Association of Corporate Directors (NACD) Handbook on Cyber-Risk Oversight, the Securities and Exchange Commission’s (SEC) Statement and Guidance on Public Company Cybersecurity Disclosures, and the AICPA System and Organization Controls (SOC) for Cybersecurity.
“Cyber-risk quantification is taking center stage in the boardroom with directors requiring an objective third-party framework and associated financial metrics to understand and manage cyber risk,” said John Frazzini, president and CEO, SSIC. “Harmonizing an organization’s financial exposure to cyberattacks, as well as seamlessly aligning regulatory guidance with enterprise cyber-risk management and risk-transfer strategies, is the future of cyber-risk understanding in the boardroom.”
SSIC’s X-Analytics Cyber Risk Board Advisory Service provides a complete, objective picture of enterprise cyber risk by establishing the financial metrics that guide informed risk-management decision making. The model allows organizations to understand the probability and financial exposure associated with the spectrum of possible cyberattacks across their business environments, communicated in simple economic terms.
X-Analytics Simplifies, Prioritizes Board-Level Cyber-Risk Action
The service enables cyber-risk clarity in the following ways:
- Delivers an objective third-party framework and associated economic metrics to enable expected loss-ratio analysis related to the financial exposure caused by cyberattacks.
- Bridges the economic exposure of cyber risk with enterprise risk-management strategies, including proactive regulatory alignment with GDPR, SEC guidance, SOC for Cybersecurity, and other regulatory and industry best practices.
- Interconnects enterprise cybersecurity and cyber-risk management activities with the insurance industry’s cyber-peril categories, enabling informed risk-transfer decisions that expand cyber-insurance risk transfer options.
- Produces the ability to conduct enterprise cybersecurity return-on-investment analysis.
- Global consulting firms have successfully incorporated X-Analytics into their board-advisory risk-management services while insurance carriers, brokers, and risk-management firms have tapped into the model to accurately and objectively quantify cyber risk. Specifically, a Fortune 500 multinational insurance organization relies on X-Analytics to inform its cyber-risk underwriting, using the model to potentially underwrite billions of dollars of cyber risk on an annual basis.
SSIC will be holding events for the insurance and risk-management industries on March 20, 2018 and April 11, 2018 at the U.S. Embassy in London, focusing on advancements in cyber-risk quantification.