This case study delves into the journey of a prominent retailer (referred to as "the company") as they navigated the challenges of enhancing trust in board relationships and reporting the status of cyber risk. The company recognized the need for more accurate assessments and better data to overcome limitations posed by their stretched human capital. By implementing a cutting-edge Cyber Risk Automation Platform, they achieved significant outcomes, including improved risk mitigation, cost savings, and enhanced efficiency. This study highlights the tangible benefits derived from the platform, shedding light on how it contributed to the company's overall risk management strategy and its ability to prioritize risks based on quantified impact.
A leading retailer, leveraging our platform to automate cyber risk management and strengthen their cybersecurity defences.
The retailer faced challenges when building trust with their board and improving confidence in reporting cyber risk.
Alfahive's platform, RiskNestTM, offers a unique industry-specific quantification solution tailored to address the cyber risk quantification needs of the company in this case study. With pre-built scenarios designed specifically for the retail industry, RiskNest enables more precise and accurate risk assessments
Alfahive's streamlined implementation approach for the cyber risk automation platform consists of a straightforward six-step process:
Alfahive's implementation offered the retailer a swift and efficient process. The subscription to an industry-specific CRQ model, customizable inputs, and pre-set scenarios accelerated implementation, ensuring faster time to market. The platform's ease of use and integration control adaptors enhance cyber risk quantification effectively.
By adopting RiskNest, the company experienced a notable boost in model precision and analysis inputs. The platform offered a comprehensive selection of scenarios readily available, eliminating the need to create and coordinate new ones as required. The manual effort involved in scoring controls and converting them to subjective FAIR inputs was significantly reduced, as RiskNest's algorithm interpreted control maturity scores and seamlessly incorporated them into calculations.
One of the key benefits was the improvement in the quality of risk assessments without demanding additional resources. RiskNest's advanced capabilities and defaults provided the company with a more accurate and reliable risk modeling approach, empowering them to move away from cumbersome spreadsheets. Moreover, RiskNest ensured access to the right data, leading to an increase in accuracy and confidence in the risk modeling.
The company has achieved measurable benefits from the automated risk quantification solution, including:
The solution has improved the company’s risk management strategy by providing accuracy in assessments, saving resources, and enabling efficient risk prioritization. It streamlines the process, allowing more time for risk remediation efforts and less time debating scores. Although quantified results are not currently factored into ROI considerations, the solution has enhanced the company’s ability to prioritize risks based on their quantified impact.