In today’s digital landscape, understanding and managing risk is paramount for business leaders. The FAIR (Factor Analysis of Information Risk) methodology stands out as a beacon of clarity in the often murky waters of risk management.
Under the NIS2 Directive, directors have several key responsibilities to ensure their organisations are adequately managing cyber security risks. EU- and country specific legislation increases the accountability of those in charge of public and private organisations.
By adopting FAIR, organisations can move beyond the limitations of qualitative risk assessments and embrace a standardised model that speaks a common language across all levels of the enterprise. It’s not just about compliance; it’s about understanding the real financial impact of risk on operations.
Most of the existing control frameworks are lists of individuals controls or control objectives. However, none of these frameworks formally define the many ways in which controls directly or indirectly affect risk. FAIR is an analytical risk model that is a complementary to your existing frameworks. By applying it you make measuring the efficiency and value of controls easier and much more reliable.
FAIR provides a unique and valuable perspective by quantifying cyber security risk in financial terms, enabling decision-makers to grasp the probable frequency and magnitude of potential losses. This quantitative approach demystifies risk, allowing for more informed and strategic business decisions.
Are you interested in implementing a data-driven, business-aligned risk management program?
Nexer Cybersecurity has the competency, capabilities and tools to support you. Contact us at Nexer Cybersecurity, if you would like to know more.
February 21, 2025