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Our customer operates a substantial consumer data analytics platform tracking consumer sentiment and buying behaviors catering to the needs of consumer packaged goods (CPG) manufacturers and quick-moving consumer goods (FMCG) retailers. With a focus on providing factual, actionable information, our customer helps its clients understand the behavior of consumers and the trends in the market, enabling them to make informed business decisions. The company's proficiency in data-driven analysis makes it a vital partner to organizations that seek to navigate the intricate landscape of consumer goods and retail.
The company's GRC program leader had a specific need to manage their enterprise's privacy and security risks comprehensively. The business must fully understand the risks and be presented in financial terms. Having this understanding is crucial internally with the array of business stakeholders and building trust with their customers.
Our customer's primary challenge was transitioning from a traditional, qualitative approach to cybersecurity to an objective, financially-based approach. Framework-based approaches to measuring cybersecurity maturity, such as the NIST cybersecurity framework (CSF), are valuable but lack a translation to the financial business context necessary for CFOs and other high executives.
Our customer sought a solution that could present the cybersecurity risks in monetary terms, facilitating more informed decision-making and resource allocation. This demand was of special importance given the company's magnitude and complex environment, which includes thousands of endpoints and assets. The objective was to shift away from maturity-based assessments and instead focus on actions that had a financial impact.
The company's decision to adopt X-Analytics significantly improved its cybersecurity strategy. The platform provides them with the ability to value cybersecurity risks in dollars, beyond the traditional method of NIST Cybersecurity Framework maturity scoring. X-Analytics enables the company to concentrate on areas with high financial returns, like access management and prevention of data loss.
With the help of X-Analytics, our customer is making more informed decisions regarding their allocation of limited resources, the focus of these resources is on areas that will yield the best financial return. The platform has also been instrumental in helping to communicate with the C-suite by translating cybersecurity concerns into financial terms that are more relatable and understandable.
Implementing X-Analytics has dramatically benefitted our customer’s approach to cybersecurity, leading it to a more data-based and financially focused approach. The platform has facilitated a direct comparison of the financial effects of various cybersecurity threats, and this has helped the company focus its efforts more concretely. By calculating the risks in dollars, the company has been able to explain the value of cybersecurity investments to its management and stakeholders in a more impressive manner.
This method has led to a greater focus on cybersecurity investments that are strategic in nature, are in line with the company's overall risk profile, and resources are devoted to where they are most important. The success of X-Analytics demonstrates the power of cyber economics to revolutionize cybersecurity management in complex organizations.
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