These assets are vulnerable to cyber threats, such as cyber attacks, security breaches, and malware attacks. Active risk engineering goes beyond just cyber security and incorporates telematics from Risk Tracker, which enables the elimination of exposure by shrinking the digital surface area through the removal of aged and redundant content. As the sensitivity of assets increases, they can be better managed with risk controls, providing an agile and responsive approach to digital risk management.
The goal of active risk engineering is to adjust your digital risk management on the fly, allowing companies to adapt and respond to emerging risks and changes in their digital landscape. This proactive approach to risk management helps organizations stay ahead of potential threats and maintain the security and integrity of their digital assets.
Case Study: Company Saves $800,000 Over Five Years with Active Risk Engineering
A company was planning to migrate 50 terabytes of data to a new cloud provider, with a budget of $190,000 per year for cloud services. However, after Risk Tracker classified all the mission-critical data, sensitive data, duplicates, and old data they no longer needed, the company realized they did not need to move all 50 terabytes. By automating data purge and archive processes, they only had 11 remaining terabytes to migrate and manage. This reduction eliminated more than $158,000 of annual costs, saving the company almost $800,000 over its 5-year business plan.
Budgets were tight, but when the VP of IT presented the hard dollar savings to the CEO, the CEO agreed to allocate 50% of the savings, almost $400,000, to fund new risk controls the company needed to both prevent another breach and to grow cyber insurance coverage to $12 million. According to the VP of IT: “It was a 10-minute conversation.”
In conclusion, active risk engineering is a comprehensive approach to digital risk management, combining both cyber security measures and telematics from tools like Risk Tracker. Implementing active risk engineering strategies can lead to significant cost savings, as demonstrated in the case study. These financial benefits can then be redirected to enhance risk controls and cyber insurance coverage, ensuring the protection of digital assets and enabling companies to thrive in the ever-evolving digital landscape.