Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Risk

$20 Million Investment Round Shows Growth of Risk Assessment Market

The Series B investment supports a company bringing risk assessment to businesses in business terms.

Risk is having a moment, and RiskLens, a company that quantifies risk according to the Factor Analysis of Informational Risk (FAIR) model, is showing that moment's currency with a $20 million round of Series B funding announced today.

"[Investors] see boards of large companies in North America, but now beyond that, internationally as well, asking the same kind of questions, such as, 'How much risk do we have related to cyberattacks?' and, 'Are we spending too much or too little to deal with the cybersecurity issues?'" says Nick Sanna, CEO of RiskLens.

To answer those questions, boards are seeking to understand risk assessment in language different than that used by most security and risk professionals, Sanna says.

"Board members are getting answers in terms of 20 red, 15 yellow, and a bunch of green, or they're getting scores like a credit score, but what they want is how much risk we have in dollars and cents," he says.

Many security professionals still aren't discussing risk "in a quantitative, real-dollar point of view," adds Bob Maley, CSO of NormShield, a company that assesses third-party risk. "What they do is take a qualitative view and assign dollars to big buckets to try to give an impression that they're talking in real financial terms."

These days companies are placing cyber-risk in context with all the risks they face, Sanna says. "At the corporate level, they're looking at cyber as probably one of the major risks alongside other forms of operational risks, including weather, market risk, or credit risk categories," he says.

The difference between cyber-risk and those other categories is how they're assessed. Companies have traditionally "delegated the measurement and reporting on that risk to the cybersecurity function because they feel that this is a very technical discipline that a typical risk team is not equipped to assess," Sanna explains.

This measurement of risk is both being driven by, and running ahead of, the cyber insurance industry, Sanna says. "While the insurance industry is doing a great job in raising the awareness of the need to consider some insurance, they have not equipped themselves yet with the means to assess cyber-risk in detail so that the buyers can buy the right product," he says.

Risk assessment and reporting is moving forward, and moving quickly, Sanna believes. "An assessment of cyber-risk in financial terms is becoming the norm," he says. "You can finally measure it in a way that makes sense of the business, and you can make good decisions."

Related Content:

 

 

 

 

Join Dark Reading LIVE for two cybersecurity summits at Interop 2019. Learn from the industry's most knowledgeable IT security experts. Check out the Interop agenda here.

Curtis Franklin Jr. is Senior Editor at Dark Reading. In this role he focuses on product and technology coverage for the publication. In addition he works on audio and video programming for Dark Reading and contributes to activities at Interop ITX, Black Hat, INsecurity, and ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
7 Truths About BEC Scams
Ericka Chickowski, Contributing Writer,  6/13/2019
DNS Firewalls Could Prevent Billions in Losses to Cybercrime
Curtis Franklin Jr., Senior Editor at Dark Reading,  6/13/2019
Can Your Patching Strategy Keep Up with the Demands of Open Source?
Tim Mackey, Principal Security Strategist, CyRC, at Synopsys,  6/18/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Building and Managing an IT Security Operations Program
As cyber threats grow, many organizations are building security operations centers (SOCs) to improve their defenses. In this Tech Digest you will learn tips on how to get the most out of a SOC in your organization - and what to do if you can't afford to build one.
Flash Poll
The State of IT Operations and Cybersecurity Operations
The State of IT Operations and Cybersecurity Operations
Your enterprise's cyber risk may depend upon the relationship between the IT team and the security team. Heres some insight on what's working and what isn't in the data center.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-2729
PUBLISHED: 2019-06-19
Vulnerability in the Oracle WebLogic Server component of Oracle Fusion Middleware (subcomponent: Web Services). Supported versions that are affected are 10.3.6.0.0, 12.1.3.0.0 and 12.2.1.3.0. Easily exploitable vulnerability allows unauthenticated attacker with network access via HTTP to compromise ...
CVE-2019-3737
PUBLISHED: 2019-06-19
Dell EMC Avamar ADMe Web Interface 1.0.50 and 1.0.51 are affected by an LFI vulnerability which may allow a malicious user to download arbitrary files from the affected system by sending a specially crafted request to the Web Interface application.
CVE-2019-3787
PUBLISHED: 2019-06-19
Cloud Foundry UAA, versions prior to 73.0.0, falls back to appending ?unknown.org? to a user's email address when one is not provided and the user name does not contain an @ character. This domain is held by a private company, which leads to attack vectors including password recovery emails sent to ...
CVE-2019-12900
PUBLISHED: 2019-06-19
BZ2_decompress in decompress.c in bzip2 through 1.0.6 has an out-of-bounds write when there are many selectors.
CVE-2019-12893
PUBLISHED: 2019-06-19
Alternate Pic View 2.600 has a User Mode Write AV starting at PicViewer!PerfgrapFinalize+0x00000000000a8868.