Overview

This course provides a practical, hands-on approach to applying the Factor Analysis of Information Risk (FAIR) methodology in cyber risk management. Students will learn how to leverage industry research, use FAIR for decision-making, and report on the materiality of cyber incidents using FAIR-MAM (Materiality Assessment Methodology). Through real-world CISO lectures and exercises, participants will gain the skills to quantify and communicate cyber risk effectively in financial terms. This course is tailored for senior executives and decision-makers overseeing or guiding cyber risk management within their organizations. Ideal participants will have: Leadership and Strategic Oversight: Participants should hold or aspire to hold leadership roles such as Chief Executive Officer (CEO), Chief Information Security Officer (CISO), Chief Risk Officer (CRO), or senior management positions where they are responsible for setting and implementing risk management strategies. Experience with Financial or Business Risk: Executives with experience managing financial risk or business continuity planning will find the course particularly valuable, as it covers the intersection of cyber risk and financial decision-making. Commitment to Continuous Improvement: A mindset geared toward continuous improvement in risk management practices, with a willingness to explore and adopt new methodologies, such as the FAIR model, to enhance their organization's cyber resilience. This course is designed to equip senior leaders with the practical skills and insights necessary to integrate the FAIR model into their organization’s broader risk management strategy, ensuring a more quantitative and business-aligned approach to managing cyber risks.

Syllabus

Enhancing Cyber Risk Management with FAIR

This module focuses on enhancing cyber risk management practices through industry research, risk quantification using FAIR, and evolving approaches to cyber risk. It covers recent trends, empirical studies, and the application of FAIR to mature security programs. The module explores how quantitative risk analysis can improve decision-making and discusses the evolution of cyber risk management, including the integration of FAIR with frameworks like NIST CSF.

FAIR Improves Decision-making

This module explores how the Factor Analysis of Information Risk (FAIR) framework enhances decision-making processes in cyber risk management. Participants will delve into the complexities of trade-off decisions, learn effective cyber risk quantification techniques, and discover how to optimize decision-making using FAIR. Through a combination of videos, readings, and real-world use cases from various industries, learners will gain practical insights into applying FAIR to improve business objectives and communicate more effectively with executive stakeholders.

Reporting Materiality of a Cyber Incident

This module explores the critical concept of materiality in the context of cyber incidents and its implications for reporting to the Securities and Exchange Commission (SEC). Participants will gain a comprehensive understanding of how to define, assess, and communicate the materiality of cyber events. The module covers the SEC's guidelines, the FAIR-MAM (Factor Analysis of Information Risk - Materiality Assessment Methodology) framework, and practical use cases. Through expert insights, case studies, and interactive discussions, learners will develop the skills necessary to accurately determine the financial impact of cyber incidents and ensure compliance with SEC regulations.