FAIR Risk Assessment

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.

Who Can Adopt a FAIR Model?

Any company looking to understand the scope of risks to its cybersecurity framework can adopt a FAIR model. A FAIR risk assessment is essential to quantifying the level of risk to an organization’s cybersecurity infrastructure and initiating a swift and appropriate mitigation response.

Why Does FAIR Exist?

The Factor Analysis of Information Risk (FAIR) assessment was designed to quantify risks and define the chances of those risks becoming serious threats. A FAIR risk assessment helps companies minimize all possible chances of risks by identifying the factors contributing to them.

How Does the FAIR Methodology Work?

A FAIR methodology risk assessment systematically evaluates security risks by:

• Categorizing the system at risk of threats
• Identifying the various threats a system may face
• Rating the level of impact for each risk category
• Evaluating the control environment
• Calculating a risk rating

Any organization looking to conduct risk assessments with a high degree of accuracy and precision can rely on the FAIR risk methodology to do so.