TMCnet News
FICO Named Category Leader for Cyber Risk Quantification in Chartis ReportSAN JOSE, Calif., June 12, 2019 /PRNewswire/ -- Highlights:
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:
"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 is a registered trademark of Fair Isaac Corporation in the U.S. and other countries. About Chartis Research RiskTech100®, RiskTech Quadrant®, FinTech Quadrant™ and The Risk Enabled Enterprise® are Registered Trade Marks of Infopro Digital Services Limited. *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. View original content to download multimedia:http://www.prnewswire.com/news-releases/fico-named-category-leader-for-cyber-risk-quantification-in-chartis-report-300865811.html SOURCE FICO |