Safe Security announced its new SAFE Materiality Assessment Module, enabling security and risk leaders to achieve SEC compliance by estimating and tracking materiality of cyber incidents.
Safe Security’s materiality module is based on the fully tunable Factor Analysis of Information Risk (FAIR)-Materiality Assessment Model (MAM), which is built on FAIR, the standard model for quantifying cyber risk and recognized by the National Institute of Standards and Technology (NIST).
The SAFE Materiality Assessment Module provides organizations with an end-to-end materiality journey. Pre-incident, the module helps organizations define ‘Materiality thresholds,’ identify top cyber risk scenarios, quantify the potential materiality of these risk scenarios using FAIR-MAM framework, and assess the effectiveness of post-incident response controls.
Post-incident, organizations can understand the extent of the loss in real-time, update the cost drivers in the pre-incident model as new information flows in from IT, Ops, and other departments, and compare losses to the materiality thresholds.
“Organizations need to be able to proactively calculate and track risk starting now,” said Pankaj Goyal, COO at Safe Security. “SAFE Materiality Assessment Module allows organizations to model estimated financial losses from top risk scenarios with FAIR-MAM to cost-effectively target security or cyber insurance investments. This allows them to leverage the insights to prepare for the probable financial impact to follow. The SAFE Materiality Assessment Module is a game-changer for security and risk leaders.”
SAFE Materiality Assessment Module’s key benefits include:
- Predictive estimation of financial losses of top cyber risk scenarios
- Accurate assessment of the materiality of a cyber incident
- Ability to seamlessly implement an open and customizable cost model that is defensible to the Board, investors, and regulators
- Dynamic tracking of incident impact and identifying new inputs that could trigger a materiality threshold
- Timeline creation of the multi-year life cycle of the total cost of an incident
- Clear documentation of the science behind materiality estimations – required for defensibility
- Seamlessly learn and disclose the material impact of previous cyber incidents
Safe Security is committed to helping organizations protect their data and manage their cyber risk. The Materiality Assessment Module is the latest addition to Safe Security’s suite of cyber risk management solutions. With the launch of the Materiality Assessment Module, organizations can now proactively manage materiality, starting now.