Balbix is recognized in Forrester's CRQ Solutions Landscape, Q4 2024

Last week, Balbix was recognized in the Forrester Cyber Risk Quantification (CRQ) Solutions Landscape, Q4 2024. You can read the report here.

Increasingly, CRQ has become a key tool for security leaders for executive reporting, risk prioritization, ROI analysis, and more. Balbix is at the forefront of these discussions. While many view CRQ as a capability of exposure or vulnerability management, our approach goes further. In this blog, we’ll review how CISOs plan to use CRQ and how we plan to tackle their use cases.

Why are We Excited about CRQ?

CRQ represents a pivotal shift in cybersecurity risk management, moving from qualitative assessments to quantifiable, actionable insights. Here’s why this is exciting:

• Alignment with business objectives: Traditional cybersecurity approaches often struggle to communicate risk in financial or operational terms. CRQ bridges this gap, enabling CISOs and security teams to demonstrate the impact of cyber risk on their business.
• Prioritization with precision: With limited resources and growing attack surfaces, organizations must prioritize their efforts effectively. CRQ quantifies risks, helping teams focus on vulnerabilities and other exposures with the highest potential business impact.
• Address stakeholder expectations: Boards, regulators, and investors demand quantifiable metrics on cyber risk. CRQ enables organizations to meet these expectations confidently.
• Provide much-needed context: Advances in Generative AI (GenAI) and AI assistants make CRQ insights more accessible. These technologies can identify patterns and generate reports, providing CISOs with timely and contextual information and speeding up their strategic decisions.

Key Use Cases for CRQ

CRQ offers versatile applications across various industries and business functions. Some of the most impactful use cases include:

• Executive Reporting: CRQ enables executive reporting by translating cybersecurity risks into financial terms, making them easier for executives to understand, prioritize, and act upon. By aligning risk metrics with business objectives, CRQ empowers leadership to make informed resource allocation and risk management decisions.
• Cyber Risk Prioritization: CRQ transforms cyber risk remediation by linking exposures and vulnerabilities to their specific business context and quantifying their financial impact. This ensures that SecOps can prioritize remediation efforts where they matter most.
• ROI and insurance cost optimization: Organizations can evaluate the ROI of cybersecurity investments by modeling the reduction in quantified risk against the cost of controls or technologies. Additionally, organizations can more closely estimate their insurance coverage by analyzing financial loss.
• Attack Surface Management analysis: Provides a bottom-up risk assessment approach that identifies and evaluates vulnerabilities and exposures. By linking these granular insights to a top-down view of their potential business impact, ASM enables organizations to bridge operational-level risks with strategic priorities.
• Regulatory Compliance and Reporting: CRQ helps organizations meet regulatory requirements by providing metrics that demonstrate proactive risk management. It also aligns with SEC materiality assessment requirements to identify and address critical risks with significant business impact.

What will Enterprises need in 2025 from CRQ?

As we look ahead to 2025, customer expectations for CRQ solutions are evolving. Here’s what businesses will demand:

• Real-time risk insights: With the rise of dynamic threat landscapes, customers expect CRQ platforms to provide real-time risk updates, leveraging AI for predictive analytics.
• Embedded AI: CRQ solutions should automate data collection, analysis, and reporting. GenAI and AI assistants will play a key role in simplifying processes, offering on-demand insights, and drafting executive-level summaries and reports.
• Native integration: Organizations will require CRQ solutions to integrate with existing operational cybersecurity tools, such as SIEM, SOAR, EDRs, and vulnerability management tools, ensuring comprehensive visibility.
• Tailored business metrics: Every industry faces unique challenges. CRQ solutions must provide customizable dashboards and metrics that align with specific regulations and business priorities, empowering organizations to address risks in context.

How Balbix Redefines Cyber Risk Quantification Today

Balbix is revolutionizing how organizations approach Cyber Risk Quantification (CRQ), delivering capabilities that empower security teams to manage risk proactively. Here’s how Balbix helps:

360° Risk Visibility: Balbix unifies and infers your organization’s entire attack surface, including infrastructure, cloud, applications, and IOT/OT systems. It identifies vulnerabilities, misconfigurations, and security gaps in real-time, leaving no blind spots.

Risk in Business Terms: Balbix translates risks due to exposures, vulnerabilities, EOL/EOS systems, and misconfigured cloud systems into clear financial metrics, giving leadership the data they need to assess and prioritize their risk.

AI-powered risk reduction: Balbix’s AI Assistant, BIX, is the industry’s first conversational AI assistant, which can provide quick insights about specific risks and even create a remediation plan for you. Check out BIX here.

Automation and Scalability: Manual processes slow you down. Balbix automates data collection, analysis, and reporting, eliminating inefficiencies. Its platform is designed to scale effortlessly, supporting organizations of all sizes and industries as they grow.

Conclusion: Building Resilient Cyber Strategies with CRQ

As 2025 approaches, Cyber Risk Quantification (CRQ) is set to become the cornerstone of modern and effective cybersecurity strategies. By translating complex risks into clear business terms, CRQ enables organizations to prioritize their efforts strategically while building trust with stakeholders, customers, and regulators.

With Balbix, you’re not just managing cyber risk; you’re transforming it into a competitive advantage. This is the future of CRQ: measurable, actionable, and powered by automation and Generative AI to align seamlessly with your business objectives.

Get a Balbix CRQ demo here.