Cyber Risk Assurance informed by FAIR

Presented by

Denny Wan, Cyber Security Risk Expert & John Halliday, IT Auditor, Assurance Specialist, IT Governance Consultant

About this talk

This presentation explains how to use the Monte Carlo simulation module in @RISK to enable the accurate calculation of cyber risk for disclosure purposes. Cyber risk is recognized as a material enterprise risk that must be accounted for in financial disclosure. The SEC Cybersecurity Disclosure Guideline demands the inclusion of cyber risk disclosure in annual filings. The SOC attestation standard, developed by the American Institute of Certified Public Accountants (AICPA), is a well-established methodology for assessing sufficient cyber risk disclosure for service organizations. The NIST-endorsed Open Group FAIR cyber risk quantification methodology, leveraging Monte Carlo simulation, is a global standard for measuring cyber risk expressed in dollar values. The presenters will walk through the methodology using @RISK to support FAIR analysis.

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Palisade Company is the world’s leading provider of risk and decision analysis software solutions for science and industry. Our array of software products and custom services enhance the management experience by combining the latest in cutting-edge technology with over 35 years of analytics experience. Palisade’s unified software platform helps clients increase margins, improve performance, expand market share, and maximize operational efficiencies. We have a very simple mission: to minimize risk while maximizing potential.