Safe Security introduces two free risk assessment tools for businesses

Cyber security risk management company Safe Security has introduced two free-of-cost risk management tools, including an Interactive Cost Calculator and a Cyberinsurance Assessment tool. They enable companies to make financial decisions based on cyber risk. 

"The tools are designed to enable data-driven discussions about risk and coverage requirements," Safe Security said in a blog post.  

The Cost Calculator enables organisations to understand their potential financial risk due to a cyber attack, such as ransomware. It gathers specific inputs about the company and provides a cost estimate based on a cost model that Safe Security has developed. However, the output can be customised as per the company's requirements as well.  

The other tool — Cyberinsurance Assessment — provides an estimate of how a company fares with respect to its security practices, or its cyber health. It also provides guidance based on comparison with other players in the same industry. 

“Executive leadership from the CEO and board members, to CISOs, risk teams, and CFOs are asking questions like, ‘how much will a cyber attack cost us?’ or, ‘how much should our cyber insurance cost?’ Today, those leaders either do not have a financial figure at all or possess a financial figure from a ‘black-box’ approach that they can’t explain or trust,” said Saket Modi, co-founder and CEO of Safe Security. 

Describing the tools, Modi said that Safe Security is offering organisations the opportunity to understand the financial impact of a cyber attack with full visibility into how the assessment is calculated so you can trust and explain the numbers. 

According to a recent report by Trend Micro published on July 27, more than half of companies globally believe that their risk assessments aren't mature enough, potentially exposing them to escalating cyber threats. 

It polled over 6,290 Information Technology and business decision makers across 29 countries to compile the data. 

This data suggests that about one-third (32%) of respondents said that assessing risk is the main area of attack surface management they struggle with. As a result, they feel most exposed to ransomware (83%), phishing (85%) and IoT attacks (81%). 

Similarly, another report published on June 14 by Trend Micro revealed that Indian organisations are worried about the growing cyber risks that come along with it. The report claimed that the visibility challenges appear to be the main reason organisations are struggling to manage and understand cyber risks in today’s business environment.