Homegrown IT services giant Wipro and US-based RiskLens, which provides cyber risk management solutions, have announced a partnership to deliver quantitative cyber risk assessment to enterprise customers and government organisations.
As part of the agreement, Wipro will leverage RiskLens' cyber risk quantification (CRQ) platform to perform quantitative risk analysis, measure the effectiveness of cybersecurity controls and provide the rationale for adequate cybersecurity investments, a company statement said.
The RiskLens CRQ platform is an application based on the Factor Analysis of Information Risk (FAIR) model, the international standard for cyber risk quantification.
Wipro said its Cybersecurity & Risk Service (CRS) division will offer FAIR methodology-based risk analysis through the RiskLens platform and aid organisations in the development of cyber risk quantification programs along with its extensive practice in risk intelligence, integrated threat management and security management services.
The statement further said that several members of the Wipro CRS team will be trained and certified as FAIR risk analysts through the FAIR Institute, the non-profit expert organisation that promotes education on FAIR and the sharing of best practices.
“Through this partnership, we look forward to maximum risk reduction for our clients through informed decision-making,” said Sheetal Mehta, senior vice president and global head for cybersecurity and risk services at Wipro.
RiskLens aims to empower large enterprises and government organisations to manage cyber risk from the business perspective by quantifying that risk in monetary terms, measuring the returns on security investments and optimising cyber insurance coverage.
“After many devastating cybersecurity attacks on global companies, the realisation that cyber risk equals business risk has been brought home to senior management and boards of directors, who are now demanding a quantitative accounting of the loss exposure their companies face," said Nick Sanna, chief executive officer of RiskLens.