What Is Cyber Risk? The FAIR Definition

I was first introduced to the concept of cyber risk quantification when I began working with Factor Analysis of Information Risk or the FAIR Model (see a diagram of the model here).  With this model, an analyst can estimate cyber risk in financial terms (i.e., dollars and cents).  In FAIR-based risk analysis, measurement of risk doesn’t result in a “score” or a “rating” but in a range of monetary loss the organization might face from a given scenario over …

cyber cyber risk definition fair fair risk analysis risk