Cyber Risk in Financial Terms
Using the Open FAIR™ model, Black Kite calculates the probable financial impact (risk) to your organization in the case of a cyber breach.
Most CFOs agree a real-time financial data model is critical to enable better business decisions, forecasting models and data accuracy.
Less than half of organizations conduct risk identification quarterly or more often.
Nearly one in 4 CFOs agree real-time insights are the highest priority for their finance function.
Annual Risk for Example Corp.
The probable annualized loss for an organization.
Based on Open FAIR™
Open FAIR™ is the only international standard Value at Risk (VaR) model for cybersecurity and operational risk.
Black Kite uses the Open FAIR™ model to calculate the probable financial impact if a third-party vendor, partner, or supplier experiences a breach.
Measure Cyber Risk in Financial Terms
For the first time, CISOs, CROs, and CFOs have an automated tool that measures the probable financial impact of cyberattacks against your company or your vendors, suppliers, and trading partners — and communicates risks in quantitative, easy-to-understand business terms.
Mature Your TPRM Program
Having the capacity to use an Open FAIR™ assessment at scale for third-party risk management will elevate your risk management program. This tool will help attain the goal of cost-effectively achieving and maintaining an acceptable level of loss exposure, while also clearly conveying the breadth of risk factors across the organization.
Technical and Financial Correlations
A score alone lacks context related to business impact. Open FAIR™ helps fill the gaps in other risk management frameworks by providing a proven and standard risk-quantification methodology that can be leveraged with other frameworks.
Getting Started
Step 1
Designate a Open FAIR™ evangelist
Not everyone in the TPRM program will need to be FAIR-fluent. Designate one member to take the time to learn and train, and then share their knowledge with the rest of the team.
Step 2
Find support from other departments
Make sure everyone is on board. Identity folks within your organization and share your roadmap for integrating Open FAIR™ into your TPRM to ensure board support at all levels of management.
Step 3
Develop a clear value proposition
Gaining support from key stakeholders is essential. Look for initial projects that will result in quick, meaningful wins to prove the value of Open FAIR™ to your organizations decision makers.
Step 4
Prioritize training and education
Open FAIR™ evangelists should familiarize themselves with essential books, blogs and other critical resources. The challenge of certain biases including heat maps may also need to be addressed.
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