Unlocking Financial Security: Resilience Introduces AI-Powered Cyber Risk Calculator to Measure Your Cyber Exposure
In a notable advancement for organizations seeking to understand their cybersecurity landscape, Resilience, a leading cyber risk solutions provider, has launched the industry’s first Cyber Risk Calculator. This innovative AI-driven tool aims to provide businesses with a comprehensive financial overview of their cyber risk exposure, addressing the pressing need for improved communication between security teams and executive decision-makers.
The Need for Clear Cyber Risk Assessment
Traditional methods of assessing cybersecurity risks, such as heat maps, often fall short in translating complex cyber threats into actionable financial terms. As cyber threats become increasingly sophisticated and the risks associated with vendors rise, organizations are in urgent need of smarter, data-driven strategies. The Cyber Risk Calculator from Resilience is designed to meet this challenge.
How the Cyber Risk Calculator Works
This tool simplifies the understanding of cyber threats by converting technical vulnerabilities into financial insights. Users respond to six questions about their organization, which enables the calculator to produce a tailored assessment using firmographic data and industry benchmarks. Key outputs include:
- Estimates of potential monetary losses
- Comparisons of risk tolerance
- Insights on how cybersecurity enhancements can lower financial exposure
Bridging the Communication Gap
One of the standout features of the Cyber Risk Calculator is its user-friendly interface, which fosters alignment among technical, financial, and operational teams regarding cyber risk assessments. It emphasizes critical factors like:
- Multi-factor authentication
- Data backups
- Vendor risk management
These components are especially vital in industries such as manufacturing, where exposure can be significant.
Supporting Data and Industry Trends
Resilience’s recent internal research highlights a rise in third-party-related cyber insurance claims, marking a pivotal moment for the industry. This trend underscores the necessity for organizations to evaluate not only their internal defenses but also those of their partners and vendors.
Expert Insights on Cybersecurity Evolution
Vishaal “V8” Hariprasad, CEO of Resilience, emphasizes the urgency of understanding the evolving threat landscape. He states, “Most businesses know that today’s threat landscape is evolving rapidly. But very few understand what this evolution means for their company.” This gap is precisely what the Cyber Risk Calculator aims to address.
Dr. Ann Irvine, Chief Data and Analytics Officer at Resilience, notes, “CISOs, CFOs, and risk managers have often spoken different languages, which can stall vital cybersecurity investments.” The Cyber Risk Calculator serves as a critical tool in bridging this communication divide, leading to more informed decision-making.
Availability and Future Plans
The Cyber Risk Calculator is currently accessible through cyber insurance brokers and is part of Resilience’s broader business decision platform, which has garnered industry recognition for its role in proactive risk reduction and resilience planning.
In related news, Fincom, a RegTech firm focusing on anti-money laundering (AML) compliance, has successfully completed its Series B funding round, furthering its international expansion efforts. For more details, read the full story on RegTech Analyst.
