What is Factor Analysis of Information Risk (FAIR)?
The Factor Analysis of Information Risk (FAIR) framework helps organizations understand, measure, and analyze cybersecurity risk. The FAIR risk assessment methodology aids companies in making well-timed and informed decisions on how to prevent and remediate various forms of cyber attacks on critical data and systems.
The Factor Analysis of Information methodology first enables you to inventory, categorize, and quantify the specific assets at risk in your organization. The most powerful aspect of the FAIR methodology is that it quantifies various forms of risk with a monetary or dollar value. This helps businesses translate cyber risk into making actionable, financially-sound decisions.
Conducting a FAIR risk analysis won’t just tell you where your weak points are. You’ll be able to prioritize your cyber defense activities, choose cost-effective solutions, and raise the ROI of your cybersecurity tools.
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The Four Stages of FAIR Risk Analysis
Factor Analysis of Information Risk analysis takes place in four stages. Completing the four stages of the FAIR framework consists of ten steps as follows:
Stage 1 – Identify scenario components
- Identify the asset at risk
- Identify the threat community under consideration
Stage 2 – Evaluate Loss Event Frequency (LEF)
- Estimate the probable Threat Event Frequency (TEF)
- Estimate the Threat Capability (TCap)
- Estimate Control strength (CS)
- Derive Vulnerability (Vuln)
- Derive Loss Event Frequency (LEF)
Stage 3 – Evaluate Probable Loss Magnitude (PLM)
- Estimate worst-case loss
- Estimate probable loss
Stage 4 – Derive and articulate Risk
- Derive and articulate Risk
Completing all four stages of the FAIR risk methodology gives organizations a clear picture of where they’re vulnerable, potential costs of cyberattacks, and which attack vectors to potentially shore up.
Benefits
Benefits of FAIR Risk Management
The FAIR factor analysis of information risk framework translates cybersecurity risk into the language of business. There’s even a specific FAIR taxonomy that provides clear, actionable descriptions of cybersecurity risk for business users and executives. Here are some of the main benefits of conducting a FAIR assessment with RSI Security
Threat Protection
Use FAIR threat modeling to construct models and analyze complex cyber threat scenarios.
Growth Enablement
The FAIR framework allows fast-growth companies adjust to cyber threats at any give stage.
Business Flexibility
FAIR is an adaptable framework that gives users insights into different ways to prevent attacks.
Cost Efficiency
Understand the financial impact and ROI of each measure and make cost-effective decisions.
Why Choose Us
Why Work with RSI Security for FISMA Compliance?
With over 20 years of experience in cybersecurity and compliance, RSI Security will help you navigate the FAIR framework, no matter what industry you’re in. RSI Security will systematically guide you through a FAIR assessment, take a portfolio view of your entire organizational risk, and present cyber risk to key stakeholders in a language everyone can understand.
RSI Security will work with your compliance, technology, and executive teams in an open FAIR assessment approach. We’ll help utilize FAIR risk assessment tools that help build advanced risk-based models and understand how time and money spent on various cybersecurity activities will impact your overall risk profile.
A Factor Analysis for Information Risk assessment with RSI Security means you’ll receive personalized, white-glove treatment at a reasonable cost. By tying financial impact to cyber-risk, RSI Security helps businesses and organizations make the right cybersecurity investments.
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