For the second year running, FICO has been named as category leader in the recently published Chartis ‘Cyber Risk Quantification Solutions 2020: Market Update and Vendor Landscape’ report. Our FICO Cyber Risk Score is becoming the de-facto cyber risk score for enterprise self-assessment, third-party risk management and insurance underwriting.
As the report shows, the market for Cyber Risk Quantification Solutions (CRQ) continues to show rapid growth. The current climate of disrupted supply chains and the proliferation of new and increased cybersecurity threats results in a greater need for organizations to quantify both their own cybersecurity status as well as those of the companies they do business with.
Chartis highlights two distinct areas of focus for these solutions – ‘GRC for Cyber’, that focuses on compliance and governance, helping organizations understand their own cyber risk and how to navigate their cybersecurity frameworks. Secondly, ‘statistically driven CRQ’, solutions that make use of available data and advanced analytics techniques, including artificial intelligence, to make more informed assessments of relative cyber risk.
The latter approach focuses on analysing large amounts of data that are now more widely available; as organizations begin to digitize and move online, they reveal more information about the state of their IT infrastructure. These insights could identify companies that have, for example, ports that are open, web servers that are outdated and other network misconfigurations that increase an organization’s cyber risk exposure. As this data is collected at scale, by applying artificial intelligence and machine learning techniques, it enables a statistical analysis of a company’s cybersecurity posture and likelihood of a future material data breach.
FICO is at the forefront of this statistically driven approach to cyber risk quantification, for both third-party risk management and cyber insurance underwriting, as clearly highlighted by strong ratings for both ‘completeness of offering’ and ‘market potential’. The FICO® Cyber Risk Score allows organizations the ability to quantify the relative cyber risk of an unlimited number of partners and suppliers, by effectively analysing and controlling the cyber risks presented to their company, data, operations and finances, by organizations other than their own. The FICO® Cyber Risk Score also enables better underwriting decisions through the ability to quantify cyber risk as statistical fact rather than opinion.
The FICO® Cyber Risk Score is the only predictive cyber security assessment with a data-driven, empirical, analytic score, leveraging the latest in AI and machine learning techniques. The score is based on billions of cyber risk indicators that are monitored at Internet scale. It relies on machine learning to interpret the network hygiene practices of thousands of previously breached organizations and form predictors that amplify the signals associated with risk of data loss.
FICO is currently offering a free trial of the FICO® Cyber Risk Score - Landscape edition in EMEA. For more information, visit https://www.fico.com/en/cyber-risk-score-offer.