Black Kite, the leader in third-party cyber risk intelligence, announced the release of automated cyber risk quantification (CRQ) modeling for ransomware and business interruption scenarios. The new capabilities, which automates FAIR methodology, extends Black Kite’s data breach CRQ model to now provide visibility into all third-party risk scenarios, adds environmental, social, and corporate governance (ESG) factors and makes it possible to continuously monitor supply chain risk.
“Cyber risk quantification provides deeper and more useful insights than a mere security score or rating.Yet, getting it right has traditionally been quite hard given the scale and complexity of the digital supply chain,” said Bob Maley, CISO at Black Kite. “By introducing these capabilities, our customers can now effortlessly and dependably conduct cyber risk quantification for all third-party use cases across thousands of vendors. What was once perceived as an insurmountable challenge is now an accessible reality for all.”
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With the launch of two new modeling solutions for ransomware and business interruption scenarios, Black Kite now offers an expanded suite of capabilities to augment its existing risk management offerings:
- Ransomware Scenario Modeling: With automated cyber risk quantification modeling for ransomware incidents, customers gain the ability to simulate and analyze the potential consequences of ransomware attacks, allowing for proactive measures and effective response strategies to safeguard critical assets and minimize financial losses.
- Business Interruption Scenario Modeling: By incorporating business interruption modeling, businesses can assess and mitigate the potential impact of disruptive cyber events, ensuring continuity in the face of unforeseen incidents. This model includes ESG factors such as environment and geopolitical risk. By making ESG part of the overall Business Interruption scenarios Black Kite provides a quantitative approach to ESG rather than focusing on a vague score without context.
“Today’s cyber landscape demands proactive measures to anticipate and respond to potential business disruptions and ransomware attacks,” said Maley. “By understanding various attack vectors and their potential consequences, organizations can fine-tune their incident response plans, strengthen defenses and ensure business continuity in the face of ever-evolving threats.”
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The FAIR Risk Model, short for Factor Analysis of Information Risk, is a powerful methodology that allows businesses to quantitatively assess and manage cyber risk. By automating cyber risk quantification modeling for business interruption and ransomware scenarios with Black Kite, organizations can proactively identify vulnerabilities, simulate potential impacts, assess the probable financial repercussions for each vendor, and develop effective response strategies.
Black Kite provides third-party risk intelligence from a technical, financial and compliance perspective to eliminate false positives and ensure a holistic approach to vendor risk management.
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