Recognition comes amidst growing wave of ransomware and business-interrupting cyber attacks
Axio, the leader in cyber risk management software, announced that it has been recognized as a Sample Vendor in Gartner Hype Cycle for Cyber and IT Risk Management 2021. The research firm identified Axio as a Sample Vendor in the Cyber Risk Quantification category.
“Justifying spend on modernization of infrastructure and legacy applications Tactical decision-making related to potential ransomware payment, insurance premiums and coverage Mergers, acquisitions and divestitures, as high-level assurance of due diligence activities”
“We are honored to be recognized again as a Sample Vendor in Gartner Hype Cycle for Cyber and IT Risk Management,” said Scott Kannry, Chief Executive Officer and Co-Founder of Axio. “The surge of recent cyberattacks and ransomware underscore that cybersecurity is fundamentally a business problem – and status quo approaches to risk management are failing. Leaders need a way to quickly identify their biggest cyber risks, so they can understand the potential financial impact and prioritize cyber-responses, investments, and initiatives accordingly.”
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Gartner identifies cyber risk quantification as a way to express “risk exposure from interconnected digital environments to an organization in business-relevant terms.” According to Gartner, cyber-risk quantification can help benefit organizations by:
- “Justifying spend on modernization of infrastructure and legacy applications
- Tactical decision-making related to potential ransomware payment, insurance premiums and coverage
- Mergers, acquisitions and divestitures, as high-level assurance of due diligence activities”
Gartner report “demonstrates the need for organizations to renew their attention on the fundamentals of risk management, as well as on newly heightened risk areas, such as risk linked to IoT adoptions, third-party suppliers and outsourced entities.” Cyber-risk quantification ultimately results in: “improving decision making (regarding risk, control and project prioritization, but also operational decisions [such as which penetration test results to remediate first], and business and IT tactical and strategic decisions [such as cloud versus on-premises]).”
Earlier this year, Gartner also estimated that by 2025, 40% of all Boards of Directors will have dedicated cyber security committees, further underscoring the need for a cyber risk management solution that aligns budgets, priorities, and executive stakeholders.
In July, Axio announced the appointment of Bob Dudley, former Chief Executive Officer of BP, as Chairman of Axio’s Boards of Directors. In his post, Why I Joined Axio, Dudley highlighted the need for a new approach to cyber risk management: “The solution begins with better communication; when security and risk leaders are unable to communicate how their initiatives, programs, and roadmap align to the organization’s overall business objectives, they should not expect to gain consensus and buy-in around what they see as the way forward. Likewise, CEOs and Boards of Directors can’t begin to properly assess the level of budgetary investment a security program requires if they can’t quantify the risk a cyber adversary poses to their business operations.”
Last year, Axio was named a Gartner Cool Vendor in Integrated Risk Management. Thousands of organizations trust Axio to manage their cybersecurity programs and report on cyber risk in financial terms. You can learn more on the Axio blog and download the Gartner Hype Cycle Report.
Gartner, Hype Cycle for Cyber and IT Risk Management, 2021, 19 July 2021, Jie Zhang, Deepti Gopal, Claude Mandy
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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