What is a Cyber Risk Score?

In the era of rapid digital transformation, people continue to enjoy the latest technological advances; nonetheless, very few are aware of the cyber threats and vulnerabilities that come associated with them.

While businesses proceed to revolutionize the digital world now and then, they understand and realize the need to possess a strong security posture and to measure the strength of these postures to shield themselves and their IT infrastructure against cyberattacks.

“Cybercrime rose 600% amid the Covid-29 pandemic.”

No business today can afford to witness network security vulnerabilities that are the weaknesses within an organization’s IT network that can be exploited by hackers to perform unauthorized actions.

Concerning such risks and vulnerabilities, a lot of enterprise security and vulnerability management tools have been developed that render insights into a business security posture and maintenance to improve situational awareness and prioritize required actions.

Unlike the traditional software systems, the modern data and vulnerability management tools provide real-time and contextualized risk data via a Cyber Risk Scoring system that is powered by automation and Artificial Intelligence (AI).

Cyber Risk Score

A cyber risk score is a numerical representation of the severity of the risks posed to an organization’s assets and provides an objective view of the security posture of the entire IT network.

The numeric data indicates the severity of the vulnerabilities in the form of critical, high, medium, or low and is usually measured on a scale of 0 to 5 and in some cases 0 to 9. The lower the scale range, the higher the risk associated with the digital asset of a company. The higher the ratings, the stronger are the defenses.

The risk score is qualitative and helps organizations to better understand how safe their IT infrastructure and software systems are and which aspects of the network need immediate attention and prioritization.

“Cyber Risk Score will be the global de-facto industry standard to measure and mitigate cyber risks.”

The latest Risk and Vulnerability Management tools today use an intelligence-driven approach to carry out enterprise-specific Cyber Risk Assessment that renders a detailed risk score based on the evaluation of all the systems accommodated by an IT network from financial, operational, reputational, and security viewpoints.

The scoring process system does not necessarily follow conventional ways of assessing the risks within an IT network and in fact, there is no single universal methodology to predict cybersecurity posture scoring.

Whatever be the way to calculate scores, they are simply generated from the data and inputs from the organization where the inputs might be provided manually or dynamically by the enterprise or a provider.

[Related Read: “The Evolution of AI in Cybersecurity”]

Benefits of Scoring for Cyber Risks (CRS)

Security is increasingly seen as a competitive differentiator where cybersecurity has become as important as credit ratings in the assessment of business risks and relationships.

Organizations today are becoming more reliant on risk scores and consider it as a significant metric for running external/internal security programs. The need for CRS is to validate the objective that a business is taking the right and appropriate steps to protect their data from breaches and other vulnerabilities.

Advantages to reap:

• A CRS (cyber risk score) provides more meaningful and actionable risk-based information to the authorized professionals
• The metric score gives an integrated view of the risk posture across the entire IT systems and components
• With a quantitative and qualitative risk score in hand, a company can make authorization decisions based on a data-driven approach
• The valuable insights drawn through the security risk score helps organizations to take immediate actions on vulnerabilities and prioritize security and privacy control assessments
• Risk scoring delivers a foundation for risk-based analysis, assessment, and reporting of digital assets.

To live more Cyber, Privacy, and Security Matters!

The potential damage from a data breach is unaffordable and takes quite a long to recover from the loss. Utilizing the latest equipment and applications, there is a need to follow a more proactive approach to shield oneself from cyber breaches before they happen.

Detecting cyber risks is inevitable, one cannot improve something unless it’s quantifiably measured. And what else can be the best way to know the risk posture of your business’s overall network via a detailed score (CRS) that makes you more protected and cybernetic?

Well, the web world is full of risks; however, with the shielding support of IT Security Services offered by CodeGlo, let all your worries about unauthorized access, data breaches, and vulnerabilities go in vain. Our experts not just mitigate risks, instead, ensure business continuity without any service disruption.