Cydea, a provider of cyber risk management solutions, has unveiled the Cydea Risk Platform, aimed at quantifying threats in financial terms for businesses. This platform allows businesses to visualize the consequences of various security-related scenarios, enhancing communication at the board level, expediting decision-making, optimizing investments, and promoting collaboration among stakeholders.
One of the critical issues the Cydea Risk Platform addresses is the confusion surrounding the calculation of cyber risk. Despite 75% of businesses prioritizing cybersecurity, only about a third have conducted a cyber risk assessment. This disconnect between the resources allocated to cybersecurity and effective risk management highlights the need for a more comprehensive approach.
The Cydea Risk Platform, a software-as-a-service (SaaS) solution, leverages proprietary risk intelligence developed by Cydea and publicly available data. It enables organizations to swiftly identify and manage relevant risks, develop clear risk treatment plans, and ensure regulatory compliance. Additionally, the platform allows organizations to model common risk scenarios, providing oversight to business decision-makers.
Key features of the Cydea Risk Platform include employing a top-down approach to risk identification, testing risk scenarios against proprietary or organizational data, building feedback loops to learn from incidents, and communicating risk in business-friendly language.
Michelle Tolmay, Chief Information Security Officer at Kaluza, expressed excitement about the platform’s capabilities, noting its ability to tangibly demonstrate the impact of security efforts on reducing business risk. She emphasized that the platform revolutionizes cybersecurity approaches, empowering organizations to stay ahead of threats effectively.
Robin Oldham, CEO and founder of Cydea, highlighted the platform’s development in response to the challenges companies face in assessing, managing, and communicating cyber risk. He emphasized the platform’s ability to present risk in financial terms, enabling organizations to focus on managing the most significant threats while saving valuable resources.
Overall, the Cydea Risk Platform aims to revolutionize cybersecurity practices by providing organizations with a comprehensive, data-driven approach to managing and communicating cyber risk effectively.