Risk quantification relies on well-established methods to mathematically express ranges of probabilities. These methods and algorithms have been used dependably in finance, epidemiology, seismology, meteorology, space and nuclear safety. There are several approaches for quantifying cyber risk, and work in this area has been ongoing since as early as the 1960s. It’s important to note that while a great deal can be done with risk quantification, there are some limitations.

This article explores the importance of risk quantification in cybersecurity audits, emphasizing its role in aiding decision-making processes and enhancing organizational resilience.