A QUANTITATIVE APPROACH TO ASSESSING AND MANAGING CYBERSECURITY RISKS

Abstract

Effective cybersecurity risk management requires moving beyond traditional qualitative approaches toward quantitative methods that provide greater precision and objectivity. This article explores the benefits of cyber risk quantification (CRQ), which allows organizations to numerically estimate the likelihood of potential cyber threats and calculate their financial or operational impacts. By translating risks into quantifiable terms, cyber risk quantification (CRQ) provides a standardized framework to prioritize risks based on impacts, evaluate mitigation strategies through cost-benefit analysis, and align cybersecurity practices with business objectives. The quantitative, risk-based approach elevates cybersecurity as an integral part of enterprise risk management focused on protecting critical assets. Despite its analytical rigor, the quantification process leverages proven techniques to simplify risk data into clear metrics. This enables more informed decision-making by eliminating ambiguity, reducing subjective bias, and communicating risks transparently across stakeholders using a common language of risk values.

DISCLOSURE STATEMENT

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Charlene Deaver-Vazquez

Charlene Deaver-Vazquez has been designing, securing, and assessing networks for over 35 years. She currently provides agency-wide risk analysis and quantification services for the Nuclear Regulatory Commission. She is the author of the course Cybersecurity Risk Quantification at Boise State University. She is also an author and speaker and is releasing an Open Education Resource textbook on Cyber Risk Quantification along with a complete toolkit of models.

Eli Taylor

Eli Taylor is currently pursuing his BS and MS degrees in Cyber Operations and Resilience at Boise State University, with a strong background in e-commerce, website management, and project management. He possesses exceptional skills in back-end development and is adept at creating high-performance web applications. Eli has worked with various corporate organizations and enjoys collaborating with individuals to support them in achieving their objectives.

Devin Rowley

Devin Rowley is a student at Boise State University working on his BS and MS degree in Cyber Operations and Resilience. While at Boise State, he has earned certificates in IT support and Data Analysis. He is currently employed as a vulnerability and policy analyst for high-performance computing systems. He always strives to improve the work environment around him by increasing productivity and accuracy.

Brooke Langis

Brooke Langis is affiliated with Boise State University, where she is pursuing a BS degree in Cyber Operations and Resilience. Previously, she obtained a degree in Business Management and Entrepreneurship from the College of Southern Idaho.