The cyber risk management provider, Cydea has launched the Cydea Risk Platform, set to revolutionise the field of cyber risk by quantifying threats in financial terms to businesses, allowing them to visualise the consequences of different business security-related scenarios. By giving a monetary value to risks and cyber threats, the Cydea Risk Platform is designed to enhance Board-level communication, speed up decision-making, optimise investments and foster collaboration across all stakeholders. This includes business leaders, CISOs, IT teams and security professionals to prioritise and reduce cybersecurity risks to the business and help meet regulatory compliance.
Calculating Cyber Risk Is Causing Confusion
With 75% of businesses stating cybersecurity is a high priority, it’s concerning that less than a third (31%) profess to have conducted a cyber risk assessment, resulting in them not knowing if they’re focussing effort in the right places, and spending too much or too little on cybersecurity. This highlights a serious disconnect between the resources required to manage cybersecurity and knowing where organisations can effectively begin to reduce risks.
Furthermore, organisations need to understand how these risks appear, and how they’ll impact business operations and know which are the most cost-effective strategies to adopt to improve their cybersecurity approach. With cyber-incident costs doubling to more than £1 million last year in the UK, it’s time for business leaders and CISOs to take a more positive approach.
Introducing Cydea’s Risk Platform
Addressing this issue, the Cydea Risk Platform is a software-as-a-service (SaaS) solution powered by proprietary risk intelligence developed by Cydea as well as publicly available data to provide organisations with the necessary visibility to:
- Swiftly identify and manage the risks and scenarios most pertinent to their operations. The platform enables users to track and monitor risks and develop clear risk treatment plans and security improvement strategies to ensure constant regulatory compliance.
- Allow organisations to manage and communicate their cyber risk internally to make efficient, informed, measured decisions to regulators and partners in a fast-moving, unpredictable risk landscape.
- Model common risk scenarios to give oversight to business decision-makers on what the biggest risks are to the organisation; for example, a supply chain or ransomware attack.
The Cydea Risk Platform provides a better way to understand cyber risk by:
- Employing a top-down approach to risk identification
- Testing risk scenarios against Cydea’s proprietary data or with an organisation’s own data
- Building feedback loops to learn from incidents
- Demonstrating how treatment proposals and plans will manage risks
- Communicating risk in language the business understands
“We developed the platform because we saw firsthand how difficult it can be for companies to assess, manage and communicate their cyber risk,” said Robin Oldham, CEO and founder of Cydea. “We’ve witnessed the many varied approaches that CISOs and business leaders have taken to understand cyber risk. Current methods are outdated and low fidelity. They often misrepresent risk and lead to misunderstandings that only promote fear, uncertainty and doubt. The Cydea Risk Platform cuts through the noise and closes the loop on cyber risk. By presenting risk in financial terms, we enable organisations to focus on and manage the threats that matter most, while saving valuable resources, time and money.”
Speaking at the official platform launch event, Michelle Tolmay, Chief Information Security Officer at Kaluza, an energy software provider and Cydea customer, shared “the Cydea Risk Platform gives us the ability to tangibly demonstrate how our security efforts directly reduce the risk faced by our business. No more educated guesses or waiting for the next risk assessment. It’s like seeing the impact of your hard work in real-time.” She added “It’s more than just a tool; it’s a catalyst for change. It’s revolutionising the way we approach cybersecurity at Kaluza, empowering us to stay ahead of the curve and protect what matters most. And I, for one, couldn’t be more excited about the journey ahead.”
