RSM Australia & X-Analytics partnership analyzes the dollar value of cyber risk
RSM Australia and X-Analytics are on a mission to transform the impact of cybercrime into clear monetary terms, which could help organizations more accurately assess the financial impact and risks to their business.
Both companies will leverage X-Analytics data science, which takes into account the threat landscape to assess the risk posed to individual companies. RSM Australia will provide consulting services and X-Analytics financial exposure results to bring these offerings together into one package for organizations.
The company aims to help organizations understand which shortcomings are the most serious and how much risk they expose customers to in monetary terms. RSM Australia will then help clients understand if the risk is too high and, if so, understand how to mitigate that risk or use cyber insurance.
Ashwin Pal, partner of RSM Australia, says that when boards are held accountable for cyber attacks and breaches, the result will help adopt the right behaviors, rather than imposing penalties.
“The current threat and cyber attack landscape shows that something needs to change as organizations lose the fight against cyber attackers. Without clearly understanding the risk in monetary terms and getting boards and leaders to act, Australian organizations will simply maintain the status quo. “
Some companies struggle to understand the risks, making it difficult to allocate cybersecurity resources. Often they can over- or under-invest in security. RSM Australia and X-Analytics believe that organizations that strike the right balance will be able to manage costs and maintain the right cybersecurity posture.
Pal says effective risk management plans must determine whether risks are acceptable, should be mitigated, or should be transferred.
“Any effective risk management plan includes understanding the risks to be accepted, mitigated and transferred. Our new service offering supports clients throughout this journey with a keen eye on priority risk migration planning and risk transfer optimization.
“Boards, although they are becoming increasingly aware, need to do more to understand and mitigate cyber risks. It is important to ensure that any elaborate legislation promotes good behavior, rather than just punishing those who are the victims of attacks.
“Just being able to understand the financial exposure to these risks accurately and precisely will be a game-changer for Australian organizations in effectively managing cyber risks,” concludes Pal.
RSM Australia is a member firm of the global consultancy firm RSM, present in 116 countries. RSM has 33 offices across Australia, combined with over 95 years of experience.