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It is no secret that cyber threats are on the rise. In Q2 2024, there was a 30% year-on-year increase in cyber attacks globally. This increase directly correlates with the increasing complexity of cyber risks. The Increase in cyber threats has resonated across businesses and into the boardroom, with cybersecurity at the top of the board agenda in 2024. As such, businesses are investing in advanced risk management solutions, like X-Analytics.
To support the unique needs of our financial services customers, X-Analytics leverages the Cyber Risk Institute (CRI) 2.0 framework to unlock the business value of their cyber risk management program.
In this article, we explore what the CRI 2.0 framework is, how X-Analytics leverages it and the steps business leaders need to take to ensure they are effectively managing their business risk.
CRI 2.0 is a comprehensive framework developed by the Cyber Risk Institute to help businesses, in particular financial service organizations, to standardize their approach to assessing cyber risks effectively. Like all cyber risk control frameworks, it provides a structured approach to assessing the maturity of an organization's cyber risk condition.
One of the key differences between CRI 2.0 and other CSFs, is it includes an increased emphasis on supply chain risk and effective risk governance. It aligns closely with our belief that cyber risk governance is pivotal in developing a robust and resilient cyber risk management strategy, and not something that should be considered fleetingly as part of compliance.
The CRI 2.0 framework is built around five key pillars of cyber risk management:
Additional features that are specific to the CRI 2.0 framework include:
Unlike more generic frameworks, CRI 2.0 was developed specifically for the financial services industry. With that, it is more aligned with the specific industry and operational risks of financial services organizations than a generic framework would be. As such, it is increasingly becoming recognized by regulators as the benchmark for cybersecurity and resiliency within financial services.
CRI 2.0 contemplates over 2,500 cyber-related regulatory expectations into around three hundred diagnostic statements. This significantly simplifies an organization's approach to cyber-related compliance efforts, reducing the additional overhead of “one-off” compliance efforts.
The CRI 2.0 profile was developed in response to the NIST CSF 2.0. It is designed to be a more rigorous framework, specifically designed for the financial services industry. Due to this, CRI 2.0 maintains a close alignment with the NIST cybersecurity framework, which ensures a level of consistency with broader industry cybersecurity standards.
In addition to its close alignment with the NIST CSF, CRI 2.0 has a significantly expanded scope by comparison. It has a three-pronged additional focus on technology risk, third-party and supply chain risk management and cyber risk governance.
X-Analytics stands out as a transformative cyber risk management solution. Here’s how it supercharges the CRI 2.0 framework to provide differentiated, tangible business value:
X-Analytics brings immediate business and financial context to cyber risk using the businesses' unique risk profiles, X-Analytics industry data and industry-aligned threat landscape insights to identify business cyber risks. By integrating with CRI 2.0’s cyber risk framework, X-Analytics ensures that organizations have a clear understanding of their business exposure. In aligning to the CRI 2.0 framework and implementing X-Analytics, organizations are ensuring that they can take a proactive approach to managing cyber risk.
While cyber risk assessment is a key pillar of the CRI 2.0 framework, the common cyber risk assessment using subjective scoring alone doesn’t deliver the business context that leaders need. X-Analytics elevates common cyber risk scoring with the business and financial insights leaders need to unlock the business value of their cyber risk assessments. Business leaders can then use X-Analytics insights to implement effective cyber risk prioritization strategies that move the needle on reducing their exposure.
With X-Analytics, businesses can develop and implement targeted risk mitigation strategies. X-Analytics delivers actionable insights and recommendations that are grounded in CRI 2.0’s risk mitigation principles. This means that organizations can address vulnerabilities with precision, deploy appropriate controls, and adapt their cybersecurity posture to evolving threats.
Cyber risk isn’t a once-a-year problem. X-Analytics provides ongoing risk monitoring capabilities to track and assess cyber risks, providing organizations with up-to-date information on their risk posture. This aligns with CRI 2.0’s emphasis on ongoing monitoring and review. By keeping a pulse on emerging threats and changes in the risk environment, X-Analytics helps businesses stay ahead of potential issues and adjust their strategies accordingly.
Truly effective risk management goes far beyond compliance and cyber risk governance is an area where X-Analytics excels. For organizations leveraging the CRI 2.0 framework, implementing X-Analytics can accelerate their ability to align their legacy GRC (Governance, Risk and Compliance) programs to key business outcomes and connect mitigation activities to demonstrate business risk reduction.
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