SAN JOSE, Calif., June 12, 2019 /PRNewswire/ --
Highlights:
- Chartis named FICO a category leader in cyber risk
quantification in its new industry report.
- Ranking reflects depth of functionality, geographic coverage
and strategy.
- The FICO® Cyber Risk Score measures the likelihood
of a business suffering a material data breach in the next 12
months.
FICO, a leading analytics software company, today announced that
it has been named a category leader in cyber risk quantification
solutions in the Cyber Risk Quantification Solutions, 2019:
Market and Vendor Landscape report from research firm
Chartis.
For more information:
https://www.fico.com/en/chartis-names-fico-category-leader-cyber-risk-quantification-solutions
"As the frequency and severity of cyber breaches continue to
grow, cyber crime is now one of the biggest challenges facing
financial institutions (FIs)," the report notes. "FIs and vendors
have sought to quantify cyber risk before, but increasingly they
are spending such large sums on cybersecurity systems that they
require defensible risk scores for their cyber domains. And only
now is there technology available to automate analysis and leverage
the vast datasets required to properly quantify cyber risk. Demand
for cyber risk quantification (CRQ) solutions is coming from
insurers – keen to assess the risk in counterparties'
infrastructure – and more general financial services firms, which
want to assess the risk in the systems they rely on for their
operations."
A companion report, Vendor Analysis: FICO; Cyber Risk
Quantification Solutions, 2019, gives more detailed analysis of
FICO's rating in the industry report*.
"Given FICO's heritage in risk quantification and ML [machine
learning], the underpinnings of the FICO Cyber Risk Score leverage
a rich set of IP in feature engineering, designed to expose and
amplify signals used to quantify forward-looking risk outcomes,"
the Vendor Analysis states. It cites three notable features of the
FICO® Cyber Risk Score:
- Empirically derived. "The FICO Cyber Risk Score is built
using a supervised analytic model. This score leverages
mathematical relationships between signal data, inferred behaviors,
and real-world security outcomes from both breached and
non-breached organizations."
- Focused on risk quantification. This is a better
approach than just inventories of vulnerability. "While
vulnerability inventories are important, they can also serve to
mask underlying risk. As a result, organizations may confuse
security activity (e.g., patching cadence) with effectiveness, and
distract security teams from focusing on impactful change."
- Depth and breadth of signals. "The key risk signals
leveraged by the FICO Cyber Risk Score are based on a deep database
of timeseries historical information, collected by FICO, which
spans the entire internet address space for six years. This allows
FICO to correlate conditions and behaviors to cyber incidents,
regardless of delays in disclosure, and enables it to immediately
generate scores for companies worldwide."
As the report notes, the FICO® Cyber Risk Score, like
the FICO® Score for credit, is a predictive tool
rather than a report card: "Rather than grading the current
state of the network, FICO evaluates forward-looking risk by
employing a ML model that is trained to a well-defined objective
outcome – the likelihood of a material data breach event in the
next 12 months. This provides an easy to interpret result that
applies across self-assessment, third-party risk management, and
cyber insurance underwriting."
"This report shows the growing importance of cyber risk
quantification, and FICO's leadership in this field," said
Doug Clare, vice president of
cybersecurity solutions at FICO. "We feel strongly that now is
the right time to bring quantitative risk management disciplines to
the field of cyber security. FICO have spent years researching the
analytic methods that power the FICO Cyber Risk Score, making it an
unbeatable solution for quantifying cyber risk."
Organizations can get a free subscription to
their FICO® Cyber Risk Score at
cyberscore.fico.com. Subscriptions for third-party risk
management, including scores on third- and fourth-party vendors and
supply chain partners, are also available.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses
around the world prosper. Founded in 1956 and based in Silicon
Valley, the company is a pioneer in the use of predictive analytics
and data science to improve operational decisions. FICO holds more
than 190 US and foreign patents on technologies that increase
profitability, customer satisfaction and growth for businesses in
financial services, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 2.6 billion
payment cards from fraud, to helping people get credit, to ensuring
that millions of airplanes and rental cars are in the right place
at the right time. Learn more at http://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
About Chartis Research
Chartis Research is the leading provider of research and analysis
on the global market for risk technology. It is part of Infopro
Digital, which owns market-leading brands such as Risk and
WatersTechnology. Chartis' goal is to support enterprises as they
drive business performance through improved risk management,
corporate governance and compliance, and to help clients make
informed technology and business decisions by providing in-depth
analysis and actionable advice on virtually all aspects of risk
technology.
RiskTech100®, RiskTech Quadrant®, FinTech
Quadrant™ and The Risk Enabled Enterprise® are
Registered Trade Marks of Infopro Digital Services Limited.
www.chartis-research.com
*Note that the quadrant image and these statements were
published by Chartis Research as part of larger research documents
('Cyber Risk Quantification Solutions, 2019: Market and Vendor
Landscape' and 'Vendor Analysis: FICO; Cyber Risk
Quantification Solutions, 2019') and should be evaluated in the
context of the entire document(s). Chartis evaluates all
vendors using consistent and objective criteria, and does not
endorse any vendor, product or service depicted in its research
publications, nor does it advise technology users to select only
those vendors with the highest ratings or other designation.
Chartis Research's publications consist of the opinions of its
research analysts and should not be construed as statements of
fact.
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SOURCE FICO