QBER: Quantifying Cyber Risks for Strategic Decisions

TL;DR

The paper introduces QBER, a comprehensive approach for quantifying cyber risks by evaluating attack probabilities, impacts, and costs to aid organizations in strategic cybersecurity decision-making.

Contribution

It presents a novel model that integrates economic and technical factors to measure cyber risks and guides risk mitigation strategies.

Findings

Provides measurable risk metrics for decision-makers

Analyzes cyberattack probabilities and impacts

Suggests strategies for risk mitigation

Abstract

Quantifying cyber risks is essential for organizations to grasp their vulnerability to threats and make informed decisions. However, current approaches still need to work on blending economic viewpoints to provide insightful analysis. To bridge this gap, we introduce QBER approach to offer decision-makers measurable risk metrics. The QBER evaluates losses from cyberattacks, performs detailed risk analyses based on existing cybersecurity measures, and provides thorough cost assessments. Our contributions involve outlining cyberattack probabilities and risks, identifying Technical, Economic, and Legal (TEL) impacts, creating a model to gauge impacts, suggesting risk mitigation strategies, and examining trends and challenges in implementing widespread Cyber Risk Quantification (CRQ). The QBER approach serves as a guided approach for organizations to assess risks and strategically invest in cybersecurity.