#USA #Chicago #ServiceNow #Crowe LLP #X-Analytics

Introduction

On December 17, 2024, Crowe LLP, a leading public accounting and consulting firm, in collaboration with X-Analytics, introduced an innovative new tool called the Crowe Cyber Economic Risk Analyzer. This powerful integration into the ServiceNow platform aims to enhance an organization's ability to manage cyber risks more effectively, thereby enabling informed decision-making in today's rapidly evolving digital landscape.

The New Solution

The Crowe Cyber Economic Risk Analyzer leverages Crowe’s expertise in cyber risk management along with the decision-making capabilities provided by X-Analytics. As a certified Advanced Platform Build Partner of ServiceNow, this solution allows companies to translate complex cyber risks into business-friendly language, focusing on economic exposure metrics. The significance of such an approach lies in its ability to bridge the gap between cyber risk management initiatives and overall business strategies, allowing organizations to prioritize their risk mitigation efforts more effectively.

Key Features

The new tool offers several critical features:

• - Business-Oriented Risk Presentation: Organizations can now articulate cyber risks in terms that resonate with business executives, translating technical jargon into economic impacts. This conversion is vital for gaining the necessary buy-in from stakeholders across the board.
• - Prioritized Mitigation Actions: By integrating actionable insights directly into existing workflows, the Analyzer empowers users to prioritize actions based on their effectiveness in mitigating risks. This feature eliminates the guesswork, allowing for more strategic decision-making.
• - Enhanced Cyber Risk Governance: Organizations can improve their budgeting processes while delivering ROI reports that resonate with business leaders. The tool facilitates clearer communication by presenting risk insights in a format that board members can easily understand and act upon.
• - Effective Board Reporting: The Analyzer equips organizations to provide comprehensive reports that clearly outline cyber risk status to the board, aiding in effective oversight and governance.

Industry Impact

Crowe’s Cyber Economic Risk Analyzer doesn't just add to the capabilities of ServiceNow; it transforms existing risk management by incorporating economic intelligence into the decision-making process. As Kevin Richards, President of Cyber Risk Solutions at X-Analytics, points out, the integration allows companies to seamlessly connect their cyber risk initiatives with tangible business benefits. This paradigm shift is essential for businesses that are undergoing digital transformation while needing to manage their cybersecurity in an increasingly complex threat landscape.

Testimonials and Expectations

Matt Reeves, ServiceNow's Cybersecurity and Integrated Risk Management Solutions Leader at Crowe, expressed enthusiasm about the potential impacts of this collaboration. He emphasized that the solution is aimed at helping organizations reduce operational risks through informed decisions that improve overall business outcomes. The excitement surrounding the launch reflects broader trends in the industry, where organizations emphasize resilience against cyber threats.

Conclusion

As cyber threats become more sophisticated, the need for effective management tools that integrate seamlessly into existing business processes is more pronounced than ever. The Crowe Cyber Economic Risk Analyzer stands out as an essential tool for organizations looking to enhance their cyber risk management strategy, offering a unique blend of technical insights and business acumen. This tool is now available for download in the ServiceNow Store, marking an important step towards better risk management practices.

For Further Information

For more details about this innovative solution and its capabilities, you can visit the following websites: Crowe Services and X-Analytics.