David Klopp, Managing Director in the Cyber Risk practice of Kroll, recently spoke at the first session of PARIMA’s Confident Response Series 2021. The series aims to fine-tune incident response preparedness and help risk managers understand the latest tactics, techniques and procedures from the most successful cybercriminals, leading to deeper collaboration with business partners and mitigation of technical, legal and reputational risks.
In the late 1990’s and early 2000’s there was a concept that was bandied about that was coined “Return on Security Investment” or ROSI. Borrowing from the common business term Return on Investment (ROI) where a return on a particular investment (capital investment, personnel, training etc.) could be quantified, the cybersecurity industry attempted to quantify a return on security investment.
Taking cyber security risk assessment out of the equation, risk assessments are nothing new to the world. Industries such as nuclear, aerospace, oil, agriculture, military and railroad have long-established processes to deal with risk. Continuous risk assessments are performed by food, medical, hospital sectors to control risks affecting their environments.
Modern organizations are working hard to differentiate their products and services by creating innovative solutions that their customers can leverage at home and on-the-go, forcing them to consider new, more agile approaches to application development that empower their development teams to accelerate time-to-market, and launch new solutions as quickly as possible.
