NEWS
Wipro and WEF partner to develop cyber resilience
By VARINDIA - 2015-03-02
Wipro has been working with the World Economic Forum (the Forum) partner companies to evangelize the need for organizations to develop cyber resilience and the importance of quantifying cyber risk.
As per the Forum’s estimates, if the sophistication of attacks keeps ahead of defensive capabilities, the resultant new cyber regulations and restrictive policies could hurt innovation by approximately US$3 trillion, by 2020. Consequently, business leaders and policy-makers have highlighted the need for a framework that would aid them in making better cybersecurity decisions.
The Cyber Value-At-Risk (VAR) framework, developed by Wipro and the Forum’s Partnership for Cyber Resilience allows organizations to develop a better appreciation of their threat landscape, the nature of assets that need protection and the quality of their defenses. Cyber risk quantification allows business leaders to apply standard risk management principles to make decisions around mitigating, transferring and managing residual risk. While this framework can be applied across all industries, this has specific relevance to sectors that involve sensitive personal data such as financial services, healthcare and retail and those involving critical national infrastructure, including the transportation and energy sectors.
Elena Kvochko, Manager, Information Technology Industry, Partnering for Cyber Resilience, World Economic Forum, who has worked on the project and the report with Wipro, said, “A shared industry framework for cyber risk quantification and measurement will help boost the confidence in and buy-in for organizations’ investments towards cyber risk management. More broadly, the framework can help develop more effective risk transfer markets.”
R.Guha, Head, Corporate Business Development, Wipro Limited, said, “Our customers are increasingly concerned about the rising sophistication of cyber-attacks and extent of reputational and business risks. Through this framework, we have been able to help our customers quantify their threats, prioritize business assets and assist them in directing their investments towards better risk mitigation.”
The value-at-risk model (VAR) aims to articulate the aggregate level of risk faced due to cyber- threats over a given duration of time and at a particular level of exposure.
See What’s Next in Tech With the Fast Forward Newsletter
SECURITY
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.