Mumbai, 11th May, 2023: TAC Security, a San-Francisco based global leader in vulnerability management, has announced the addition of Cyber Risk Quantification (CRQ) Tool to its ESOF Platform, which translates cyber risk and vulnerabilities into dollar values that are easy to communicate to non-technical executives.
The ESOF CRQ feature uses a standard industry calculation to quantify cyber risk and provide a financial view of risk for the entire organization. The calculation is based on the likelihood of a breach happening and the estimated impact of that breach. This calculation is applied across the organization’s assets to create a top-level financial metric for discussions with senior management.
With ESOF CRQ, TAC Security aims to empower executive decision making by presenting cyber risk in terms that the business understands. TAC Security recognizes that too many tools and too much data makes it difficult to communicate cyber risk in business terms, hindering cyber insurance discussions. Presenting a technical risk score doesn’t work well for non-technical executives. ESOF CRQ tool solves these pain points by providing a dollar value risk metric that any executive can understand.
“Most security leaders have lots of technical data on cyber risk. But how many can answer the question, ‘How much will it cost us if we have a breach?’ If you can’t answer this question, you’re not alone. This is the next step in the evolution of Risk-Based Vulnerability Management. Solutions like ESOF VMP have helped by introducing automated prioritization tools and cyber risk scoring. But without CRQ, the technical risk picture doesn’t help the business quickly grasp the potential impacts in their terms,” said Trishneet Arora, Founder & CEO of TAC Security.
With ESOF CRQ, TAC Security is redefining cyber risk quantification and setting a new standard for Risk-Based Vulnerability Management as it’s one of the few Vulnerability Management Platforms which has CRQ feature built-in.
“The cyber insurance industry is booming, with more and more companies looking to protect themselves against potential financial losses from cyber-attacks. However, underwriters often have limited matrices to assess the risk, relying on questionnaires and other traditional methods. With the launch of ESOF CRQ, TAC Security is offering a more effective way to quantify cyber risk in financial terms, empowering executives to make more informed decisions about cyber insurance coverage and reduce financial risk. ESOF CRQ is a game-changer for cybersecurity leaders who are struggling to communicate cyber risk in terms that non-technical executives can understand. By translating cyber risk and vulnerabilities into dollar values, ESOF CRQ empowers security leaders to answer the crucial question, ‘How much will it cost us if we have a breach?’ This is a critical step towards aligning cybersecurity with business goals and helping executives make more informed decisions about risk management.” said Chris Fisher, CMO, TAC Security
The ESOF VMP platform is an RBVM (Risk-Based Vulnerability Management) platform that automates data unification, prioritization, and risk scoring across the organization. The ESOF CRQ feature extends ESOF VMP to provide a financial view of cyber risk for the entire organization.
