World Economic Forum released New Framework to Quantify Risk of Cyberattacks

In collaboration with Deloitte, The World Economic Forum has released a new framework in Jan 2015 that helps organizations to measure or quantify the risk of cyberattacks. This framework is part of a report, "Partnering for Cyber Resilience: Towards the Quantification of Cyber Threats"."It is impossible to prevent all successful attacks. The framework's focus on resiliency, rather than just prevention, reflects a critical evolution in security thinking.," said Lance Cottrell, chief scientist at Herndon, VA-based security firm Ntrepid Corp.The report talks about what companies can do to protect themselves against cyberattacks and how they can assess or measure the impact of cyberthreats. The purpose of this framework is also to help organization make better decisions about investing in cybersecurity, develop comprehensive risk management strategies, and help stimulate the development of global risk transfer markets. The framework helps organizations address questions such as how vulnerable they are to cyberthreats, how valuable the key assets at stake are, and who might be targeting them.The framework requires organizations to understand key cyber-risks and the dependencies between them. It will also help them establish how much of their value they could protect if they were victims of a data breach and for how long they can ensure their cyber protection.The 3 key components of the framework are a) Existing vulnerabilities and defense maturity of an organization b)Value of the assets c)Profile of an attacker

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