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Title: Cyber Risk Model Discovered, Donated to the Public

United States, 26th Jun 2024 - U.S. companies and insurance carriers alike have struggled to estimate the likelihood of cyber-attacks. Verizon recently highlighted a small company in Illinois that may have cracked the code, and then donated it to the public.Verizon’s 2024 Data Breach Investigations Report (DBIR) featured HALOCK Security Labs, a consulting firm based in Schaumburg, IL, who have discovered patterns in Verizon’s data that they use to forecast cyber incidents. HALOCK’s HIT Index (HALOCK Industry Threat Index) uses Verizon’s crowd-sourced database known as the VERIS Community Database. “When you look at the data deeply, you see the patterns emerge,” said Todd Becker, Principal at HALOCK. “You might not understand at first why a bank has many more physical vectors of attack than insurance companies, or why insurance companies have as many human-caused breaches as hospitals do. But then you realize that ATMs have card skimmers, so physical security matters there much more than at other places. Hospitals and insurance companies have a lot of people making mistakes while handling information about a lot of people. The data is all there. We just needed to model it in a way that people can use in risk analysis.” HALOCK collaborated with Center for Internet Security (CIS) to model “expectancy” data in a risk assessment method that is freely available to the public. “In general,” Becker explains, “Common threats are more likely to happen to you. But the stronger your safeguards are for each threat, the less you should expect them to occur.” While not using the fully detailed HIT Index, CIS’ Risk Assessment Method (CIS RAM 2.1) now provides Verizon’s data for the general public, removing guesswork from cyber risk analysis. Jim Mirochnik, CEO of Reasona...

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