Rebecca Kappel Staff answered 2 years ago FAIR (Factor Analysis of Information Risk) is a framework for conducting a risk assessment of an organization’s information assets. It is based on a quantitative approach to risk assessment and has been adopted by many organizations as a gold standard for conducting risk assessments.
The FAIR risk analysis model consists of a set of principles and processes for analyzing and evaluating risks to an organization’s information assets. It allows organizations to measure, compare, and prioritize risks consistently and objectively. The FAIR quantitative risk assessment model defines risk as the product of the probability of an adverse event occurring and the impact of that event. This allows organizations to compare and prioritize risks based on the likelihood of an event occurring and the potential consequences of that event.
The FAIR risk management module is arguably the most popular cyber risk quantification model. Translation the impact of cyber risk into monetary amounts enables the type of business planning that board members from the non-cyber world are used to, including:
- A structured approach to risk assessment that is based on objective data and analysis.
- Provides a method to measure, compare, and prioritize risks consistently and objectively
- Enabling organizations to make informed decisions and allocate resources
- A common language for discussing and managing risk
- Choosing cost-effective security solutions with foreseeable ROI
- Weighing and prioritizing risk management tasks
Centraleyes uses cyber risk quantification to provide clarity and visibility around cyber risks. Our data-driven platform automates risk quantification, enabling users to make effective decisions that add to business value.
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