With the growth in the number and sophistication of cyber threats and daily reports of security breaches, cyber risk is high on the list of the most significant risks that organizations face. In fact, cybersecurity (specifically cybercrime, data breaches, and IT failures) was identified as the third biggest risk organizations according to a 2016 survey of risk professionals conducted by Allianz. It is not surprising given that the Identify Theft Resource Center recorded 980 major breaches in 2016, with millions of records exposed or compromised.

Although cybersecurity risk is now top of mind among executives and regulators, measuring and managing security risk levels continues to be a difficult task. Faced with a constant stream of evolving threats, many businesses spend millions of dollars annually on people, processes, and technologies to protect themselves against cyber risk. However, they have little visibility into the efficacy of these investments.

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