I want to take a moment to reflect on where the FAIR™ movement stands as we begin the New Year. I believe we are right now at a turning point, headed for far-reaching improvements in cyber risk management
>>DHS/OMB mean well in pushing for a risk-based approach to cybersecurity in the Federal Government, but their requirements fall short of helping agencies effectively prioritize and right-size their cybersecurity investments
Congress created the Cyberspace Solarium Commission, a bipartisan group of lawmakers and cybersecurity experts, to get out ahead of both a “catastrophic cyberattack” and the “millions of daily intrusions disrupting everything
In a recent LinkedIn post, Christine Lagarde, Managing Director of the International Monetary Fund, calls cyber risk not just a top risk but “a significant threat to the financial system” and cites a new IMF study that cyber attacks could already cost banks close to nine percent of net income globally or around $100 billion on average a year.
The National Institute of Standards has released NIST CSF 1.1, the new version of its popular cybersecurity risk framework—it’s filled with strong implications that infosecurity programs should treat risk in cost-effective or economic terms but never quite comes out and states the words “cyber risk quantification.”
This is what a movement looks like. Membership in the FAIR Institute has now passed 3,000, about double the level of a year ago, as cyber risk quantification wins converts across industries
In traditional board of directors committee structure, each of the board’s five main functions (strategy, executive selection and compensation, governance, audit, risk and compliance) is assigned to a different committee, except one: risk, long handled by the audit committee.
In a video interview just out on eWeek, titled “RSA Taking a FAIR Approach to Defining Cyber-Risk”, RSA Chief Technology Officer Zulfikar Ramzan discusses what he calls the “exciting” new direction for RSA Archer: “cyber risk economics and cyber risk quantification.
Most folks are surprised to learn that the FAIR Institute just turned two, given the wide influence its activities are having in shaping modern risk management programs
Mark your calendars! The Fair Institute’s annual FAIR Conference will take place October 16-17 in Dallas, TX, at the beautiful Hilton Anatole, located in the heart of the city’s Design District.