Abstract
This article delves into the significance of quantifying cybersecurity risk, emphasizing its role as a decision-support mechanism for organizations. It discusses the process of Cyber Risk Quantification (CRQ) and its benefits in prioritizing risks, allocating resources effectively, and mitigating cyber threats. The article explores various questions related to cyber risk assessment, methods for quantifying risk, and the importance of selecting the right approach based on organizational needs. It highlights key models such as Factor Analysis for Information Risk (FAIR), Monte Carlo simulations, probability distributions, vulnerability analysis, and Bayesian models. The article concludes by recommending open-source solutions like those offered by Boise State University’s Cybersecurity Risk Quantification course to streamline risk assessment and management processes.
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