UK firm Cydea has shifted the dynamics within the cyber risk industry through the introduction of the Cydea Risk Platform. This innovative system quantifies threats by assigning them monetary values, transforming perspectives on risk management. Applicable to an array of businesses, the platform assists executives and security experts by enabling calculations of potential financial consequences arising from various risk and threat scenarios.

This platform is designed to assist business decisions by streamlining dialogue at a board level, strengthening the decision-making process, optimising investments, and promoting collaboration among stakeholders. This includes everyone from business leaders to IT teams and security professionals, with the aim of prioritising and mitigating cybersecurity risks.

Surprisingly, despite 75% of businesses identifying cybersecurity as a high priority, less than a third (31%) claim to have conducted an assessment of cyber risk. Without an understanding of the areas requiring focus and the appropriate allocation of resources, organisations struggle to effectively approach and manage cybersecurity risks. This contributes to the rising costs of cyber incidents, which have doubled to over GBP £1 million in the UK during the previous year.

The Cydea Risk Platform works to alleviate these issues through its software-as-a-service (SaaS) solution. Utilising both proprietary risk intelligence developed by Cydea and publicly available data, the platform provides organisations with clear visbility into their risks. This allows them to efficiently identify and manage potential vulnerabilities affecting their operations while formulating risk treatment plans and security improvement strategies to ensure continual regulatory compliance.

Robin Oldham, CEO and Founder of Cydea, commented, "We developed the platform because we saw firsthand how difficult it can be for companies to assess, manage and communicate their cyber risk." He added that traditional methods often misrepresent risk and lead to misunderstandings. The Cydea Risk Platform, through presenting risk in financial terms, enables organisations to concentrate on and control the most significant threats, optimising their resources and efforts.

Michelle Tolmay, Chief Information Security Officer at Energy Software Provider Kaluza, shared her company's experience with the platform, stating that it allows an accurate demonstration of how security efforts reduce risk. She praised its transformative effect: “It's revolutionising the way we approach cybersecurity at Kaluza, empowering us to stay ahead of the curve and protect what matters most."

In addition to its commercial accessibility, Cydea announced at the launch event that 100 charities will receive free access to the platform. This move demonstrates the company's commitment to advancing risk understanding and management procedures across a range of sectors.