The Financial Side of Risk Management Just Got Easier
April 30, 2020 / Unisys Corporation
The financial side of risk management has traditionally been both time- and labor-intensive. Due to a lack of verifiable data, risk management professionals struggle to get specific, reliable, repeatable answers to questions such as:
- What is the potential financial impact of each risk?
- How does one risk mitigation effort or scenario compare to another in terms of its return on investment (ROI)?
- How can financial risks and risk mitigation efforts be prioritized strategically?
Now, however, a modern solution exists that streamlines and simplifies the process for assessing financial exposure to cyber risk: Unisys TrustCheck™. TrustCheck™ is a unique cyber risk management solution that enables a clear understanding of financial cyber exposure and promotes effective risk management decisions. The solution is powered by the patented X-Analytics® cyber risk financial analytics engine trusted by leaders in the global cyber insurance industry to underwrite billions of dollars of cyber risk policies. TrustCheck™ uses data aggregation methods drawing upon research from prior breaches and cyber events, valuation differences in data types, and attack patterns for various industries across the globe to normalize and analyze cyber exposure data.
There are five distinct ways that TrustCheck™ makes it substantially easier for risk management professionals to make sound business decisions about risk.
1. TrustCheck™ makes it easier to get objective financial data about risks.
TrustCheck™ combines an organization’s internal data with extensive data about breaches and their associated costs. TrustCheck™’s dynamic and patented engine then uses tested and proven algorithms to assess potential financial loss in an objective, repeatable, and defensible manner.
2. TrustCheck™ makes it easier to prioritize risk spend based on ROI.
Through TrustCheck™’s Scenario Lab, risk professionals can rapidly compare and contrast what would happen based on different risk mitigation scenarios. This is particularly helpful when funds are not available to implement all the security measures a risk professional would ideally want to have in place.
3. TrustCheck™ makes it easier to obtain appropriate budget for risk management.
With the data and insights provided by TrustCheck™, risk management professionals can demonstrate security risks and security controls in a way that executives understand – in dollars and cents. This clarity helps leadership teams understand and approve budget requests because it aligns security initiatives with business strategy.
4. TrustCheck™ makes it easier to see the financial impact of implementing a security measure.
TrustCheck™’s Scenario Lab also enables risk professionals to model the financial impact of implementing security measures. The financial insight provided is detailed, specific, and factual – based on more than 70,000 calculations made through the patented modeling engine.
5. TrustCheck™ makes it easier to model risk and cost at any point in time.
To address the evolving risk environment, TrustCheck™ is updated to highlight cybersecurity risk posture changes due to global trends, modifications in business operations, or new threats in the environment ongoing throughout the year. Appropriate action can then be taken to maintain an acceptable level of risk.
A Modern Solution for Risk Management
Ultimately, the Unisys TrustCheck™ subscription service enables risk management professionals to make fact-based, sound decisions about how they manage their cybersecurity programs on an ongoing basis throughout the year. In this way, risk managers can avoid the twin evils of either overspending on or underinvesting in risk remediation measures while maximizing benefit for investments made. TrustCheck™ is the modern solution for assessing the financial end of risk that risk management professionals have been looking for.