FICO® Cyber Risk Score

FICO® Cyber Risk Score

Accurately assess the chance that your business, or a business you work with, will suffer a cyber-breach.

Solution Details

Organizations that fall victim to a successful cyber-attack face serious consequences, including:

  • Cost of remediation post breach
  • Damage to their reputation
  • Impact on the value of their business
  • Loss of business
  • Damage to customers whose data has been lost — and legal action from them
  • Fines and other penalties from the regulator

There are many systems that can help you uncover individual cyber-risk issues. These may provide a list of things to deal with, but they do not provide context and do little to articulate how at risk your organization is. They cannot tell you about the level of risk present in the businesses you work with. To address this full-fledged business risk, organizations need an accurate and empirical measurement of cyber-risk, whether it is for their organization or the businesses they work with.

How the FICO® Cyber Risk Score helps

The FICO® Cyber Risk Score provides an accurate assessment of an organization's cybersecurity posture that is:

Empirical

  • Calculates the true level of risk with supervised models that correlate signals with real breach and non-breach exemplars.
  • Scores are not based on opinion and so provide an empirically derived benchmark.
  • Evaluates both condition and inferred behavior.

Predictive

  • Focuses on future outcomes rather than responding to transient threats.
  • Mitigates against future security failures with visibility on enterprise security behaviors.

When should you use the FICO® Cyber Risk Score?

The FICO® Cyber Risk Score can help organizations assess both their own cybersecurity posture and that of the businesses they work with to help with a number of business issues.

Assessment of your own organization

An empirical assessment of the cybersecurity posture of your organization can help you when:

  • You need to articulate across your business how cybersecure you are and benchmark for overall improvement
  • Customers want to know if working with you increases their risk
  • Shareholders need to know if cyber-risk is threatening their investment
  • Suppliers want to know if you present a risk to their systems or data
  • You want to demonstrate your cybersecurity posture to your cyber-risk insurer

 

Just as you need to predict the likelihood of your organization suffering a breach, you will also want to know about the cybersecurity of businesses you work with. The FICO® Cyber Risk Score delivers an accurate score that predicts the likelihood of an organization being breached in the coming 12 months. This can help you with business problems including:

Vendor risk management
Connectivity creates aggregate risk and you inherit risk from your suppliers (and your supplier’s suppliers), particularly those that have access to your systems or data, or from which you ingest data. The FICO® Cyber Risk Score will:

  • Let you know a single score for any vendor you work with.
  • Allow FICO to communicate the underlying risk factors directly to your vendor so they can take action. We only provide underlying detail to the organizations that own the assets assessed.
  • Allow you to see risk in aggregate, across your vendor portfolio and concentrate action where it is most needed.

Mergers and acquisitions
Understand the cyber-risk you are bringing into your business when you acquire or merge with another.

Business payment terms
60% of US small and medium sized businesses go bust within six months of a successful cyber-breach. By understanding the risk of breach of your customers, you can make better decisions about the invoice terms you extend.

Organizations of all types and sizes are at risk of a cyber-breach. Our solution is scalable and can be used by them all to assess their own cybersecurity posture. Businesses of all types can also use the Cyber Risk Score to assess other organizations they work with, but it is particularly applicable for those that:

  • Have complex and large supply chains.
  • Are regulated and required to understand risk from their vendors.
  • Have other businesses as customers and extend payment terms to them.
  • Are involved in the acquisition or mergers of businesses.

Cyber-risk insurance is increasingly important. Insurers needs to understand the risk they are accepting when they underwrite a policy and be able to set fair and appropriate premiums. The FICO® Cyber Risk Score has been developed in-line with industry standards, including the NIST Cybersecurity Framework. This means it can help cyber-risk insurers to:

  • Understand the likelihood of a data breach in any of the customers they insure and take this into account when setting premiums.
  • Manage their overall risk exposure across their customer portfolio.

 

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Resources

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How the FICO® Cyber Risk Score can help automotive companies gauge the security of third parties

Estimates suggest that over half of data breaches originate in the organization’s own supply chain. Their defenses may be strong, but if the defenses of suppliers aren’t equally robust then breaches can and do happen. The automotive industry has famously complex and tiered supply chains that can consist of many thousands of suppliers and sub-suppliers for a single organization.
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Managing Third-Party Cybersecurity Risk

Presented by the U.S. Chamber of Commerce and powered by FICO technology, the Assessment of Business Cyber Risk (ABC) provides an empirical measure of the aggregate cybersecurity risk faced by the U.S. business community. As such, the ABC ...
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FICO‘s 2020 Predictions for Fraud, Financial Crimes, and Cyber Risk

2019 was a year of new fraud, cybersecurity and money laundering challenges — and new technology to face them head on. We learned that 25% of organizations plan to adopt AI and machine learning to detect fraud in the next two years, which represents a 200% increase over the previous year. Criminals may be agile, but smart analytics help businesses be stronger, faster, and more innovative in how we fight the bad guys. What do we expect to see in 2020? We asked four experts at FICO to put a stake in the ground and predict the future.
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Paragon

Client: Paragon Challenge: With the implementation of General Data Protection Regulation (GDPR) in the European Union, Paragon wanted to enhance its management of thirdparty risk associated with protecting customer data. Solution: FI...