Webinar Recap: Practical Tips for Cyber Risk Quantification (CRQ), with Guest Speaker Cody Scott, Forrester

In a recent webinar, industry experts Brendan Fitzpatrick (VP of Product Management, Axio) and guest speaker Cody Scott (Senior Analyst, Forrester) engage in a lively discussion about the Cyber Risk Quantification, moderated by Matt Bradfield (VP of Solutions Engineering, Axio). Throughout the webinar, they took us through what security practitioners are looking to accomplish, how CRQ helps organizations accomplish them, and shared actionable insights to simplify CRQ, make it defensible, and align it with organizational goals.

We encourage you to watch the recording  of the webinar to hear the full discussion. In the meantime, below is a summary of the practical tips they discuss to help security practitioners transform CRQ into a valuable decision-making tool.

1. Understand the Equation: Risk = Probability x Impact

CRQ boils down to understanding and balancing the two elements of risk: probability and impact. While probability often draws focus due to its complexity, prioritizing impact analysis offers immediate value. Organizations inherently understand their exposure better than probabilities, making impact-based assessments more actionable and relatable for stakeholders.

2. Embrace a Business Resilience Mindset

CRQ should align with an organization’s overarching resilience strategy. It’s not just about preventing risks but enabling the organization to recover swiftly when incidents occur. This involves modeling scenarios based on critical business functions and understanding how these disruptions would impact revenue, operations, or compliance. Such an approach fosters collaboration across departments, like operations and finance, to ensure preparedness.

3. Focus on Attainable Data Points for Measurement

Organizations often have more data than they realize to support CRQ efforts. Penetration test results, business continuity plans, financial disclosures, and incident reports are all valuable sources. Start by decomposing scenarios to identify relevant data points and use industry benchmarks or estimates to fill gaps. Remember, approximate ranges often suffice for actionable insights—perfection isn’t necessary.

4. Use Iterative Quantification for Defensibility

CRQ is not a one-and-done exercise. Iteration is critical to refining models, updating assumptions, and maintaining defensibility. Begin with broad ranges and refine over time as more data becomes available. Transparency about uncertainties and ongoing improvements builds trust with boards and senior leaders, turning CRQ into a trusted decision-making framework.

5. Drive Informed Decision-Making

CRQ should be a tool for action. Use it to evaluate options, such as prioritizing investments, determining cyber insurance needs, or choosing among risk mitigation strategies. Present findings in a way that directly supports decisions, like cost-benefit analyses, to ensure recommendations are clear and compelling for business leaders.

By focusing on these five principles, organizations can simplify CRQ, align it with strategic goals, and drive meaningful risk reduction.

Conclusion

Cyber risk quantification is not a destination—it’s a journey that evolves as your organization and the threat landscape grow. By taking small, actionable steps and embracing CRQ as an iterative process, you can make informed decisions, improve resilience, and foster meaningful risk reduction.

Ready to apply these principles to your organization? Speak with an Axio expert today and take the first step in transforming your CRQ journey.