Quantifying Cyber Risk for Security Investments

This case study outlines how AVEVA, a technology company with 6,500 employees, sought to quantify cyber risk and prioritize security investments. The organization faced challenges due to its extensive digital footprint and the need to communicate risk effectively to senior executives. To address these challenges, AVEVA implemented Bitsight Financial Quantification for Enterprise Cyber Risk, which automates the simulation of potential cyber events and associated financial losses. This solution enables AVEVA to present insights to the board and C-suite in a comprehensible manner, facilitating informed discussions about security investments. The case study details how AVEVA utilizes Bitsight for Security Performance Management and Third-Party Risk Management to measure cyber risk exposure, prioritize security program investments, and maintain visibility of its digital environment. Additionally, the implementation of Financial Quantification has allowed AVEVA to negotiate better cyber insurance premiums by demonstrating their commitment to security excellence through data-driven insights.