LogicGate, a provider of transformative risk and compliance solutions, introduced Risk Cloud Quantify during LogicGate’s annual Agility 2021 conference. As part of Risk Cloud, Risk Cloud Quantify gives users a competitive advantage by converting once ambiguous data into clear monetary values. This common language promotes shared understanding to drive strategic decision-making and proactive risk management.
Organisations tend to assess risk using imprecise qualitative labels, such as “high”, “medium”, and “low.” These words are easily misinterpreted — or carry different meanings depending on the audience — and leave organisations vulnerable to potential (and significant) risks. A lack of consistent, reliable processes and clear communication creates avoidable roadblocks for fostering a good risk culture.
Gartner estimates that by 2023, 30% of a CISO’s effectiveness will be directly measured on the ability to create value for the business. And according to PwC, 81% of those who quantify cyber risk said the process helps increase productivity and focus on strategic matters. Risk quantification empowers companies to understand risk as a revenue driver and competitive differentiator.
“Our vision is to elevate the function of risk management within organisations and make them more of a strategic partner to the business,” said Jon Siegler, Chief Product Officer of LogicGate. “Over the past two years, we’ve spoken to an increasing number of customers that desire to use more quantitative data as part of their holistic risk management programs – to help better communicate risk to senior leadership and the board. Risk Cloud Quantify helps our customers improve risk-based decision making and communicate risk across their entire organisation more effectively by speaking the same language as the rest of the business.”
Built using the Open FAIR model, Risk Cloud Quantify sets itself apart from competitors by quantifying risks beyond cybersecurity use cases. Risk Cloud Quantify empowers LogicGate Risk Cloud users to more easily communicate threats cross-functionally to executives, board members and other stakeholders while adopting a proactive, ROI-based risk approach to use risk as a true revenue generator.
To support those interested in risk quantification, the company recently released its new eBook, The Definitive Guide to Risk Quantification, to offer insights on how risk quantification improves risk management capabilities, how it works, and what companies should consider before adopting it. In addition to the content, the eBook also includes a workbook for readers to practice the tactical act of risk quantification.