Monaco Takes the Lead in Compliance Risk Management
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In today’s digital landscape, optimizing cyber posture is crucial for organizations to justify their budgets and meet compliance requirements. To address this challenge, Monaco Risk has developed a cutting-edge decision-support software that helps security, risk, and compliance teams allocate cybersecurity control budgets more effectively.
Cyber Control Simulator (CCS) Software
The firm’s CCS software models an organization’s current and projected mix of controls in the context of the risks most concerning to leadership. By using this software, organizations can better understand how their controls impact their overall cyber posture.
Decades of Expertise
Monaco Risk’s team brings decades of experience in cybersecurity and IT, quantitative risk analysis and management, and statistical modeling to address the growing challenge of cyber risk. This expertise enables them to develop innovative solutions that connect business objectives and concerns directly to technical and organizational elements.
Decision-Centric Risk Analysis
The firm’s approach involves decision-centric risk analysis, which connects business objectives and concerns directly to the technical and organizational elements that constitute an organization’s cyber posture - the controls. By doing so, Monaco Risk helps organizations make informed decisions about control selection and allocation of cybersecurity budgets.
Controls: The Tools of Risk Mitigation
Cybersecurity risk management is primarily about mitigation, as risks cannot be avoided. While some cyber risk can be transferred via insurance, underwriters now require evidence of mitigation. Controls, defined broadly as policies, procedures, safeguards, countermeasures, training, and culture, are the tools of risk mitigation.
Optimizing Control Selection
To optimize control selection, Monaco Risk’s approach involves:
- Scoping by top risks of concern to leadership
- Using attack-path control analytics to combine information about individual control effectiveness and attack paths
- Modeling how controls’ contributions to cyber posture affect business risk reduction
This enables leadership to participate in decision-making for allocating cyber budgets.
Informed Decision-Making
By showing the probable severities of top risks expressed in dollars and the degree to which alternative controls reduce these severities, Monaco Risk’s approach empowers leaders to make informed decisions on control investment. The firm’s four key principles provide a framework for effective cybersecurity strategy, tactics, and organizational resilience:
- Attack techniques & attack paths
- Control effectiveness & contribution to risk reduction
- Compliance &
- Technical metrics & risk in dollars
Expressing Cyber Risk in Dollars
In an exclusive interview, Monaco Risk emphasized the importance of expressing cyber risk in terms that resonate with business leaders. “We’re not interested in technical metrics like how many vulnerabilities were patched last month,” said a spokesperson. “To make cyber risk meaningful to business leaders, we must express its impact in dollars, just like other risks they manage.”