• Services
    Applications Artificial & Augmented Intelligence Business Process Business Solutions Cloud
    Consulting Cybersecurity Data & Analytics Design & Experience Digital Marketing & Interaction
    Engineering Infrastructure Sustainability Talent Cloud
  • Industries
    Aerospace & Defense Automotive Banking Capital Markets Communications Consumer Electronics Consumer Packaged Goods
    Education Engineering Construction & Operations Healthcare Industrial & Process Manufacturing Insurance Life Sciences & Pharma
    Media & Info Services Medical Devices Natural Resources Network & Edge Providers Oil & Gas Platforms & Software Products Professional Services
    Public Sector Retail Semiconductors Transportation & Services Utilities
  • Insights
    Featured Insights From our CEO Business Strategy Digital Transformation Sustainability Technology Trends
  • About Wipro
    About Us Analyst Speak Awards and Recognitions Events Inclusion and Diversity Investors
    Lab45 Leadership Locations News Partner Ecosystem Sustainability
    The Story of Wipro Privacy at Wipro Supplier Diversity Wipro Ventures
  • Careers
  • Contact Us
Locations

America

country brazil Brazil En Po

country canada Canada

country latam Latam

country maxicoMexico En Sp

country usa United States

Europe En De

country benelux Benelux

country dach Germany & Austria En De

country nordic Nordic

country france Southern Europe En Fr

country switzerland Switzerland En De

United Kingdom & Ireland

Asia Pacific

countryAsean

countryAustralia & New Zealand

countryChina

countryJapan En Jp

countryKorea

countryTaiwan

India & Middle East

country IndiaIndia

countryMiddle East

Africa

countryGlobal Site

< News and Events

Wipro Collaborates with WEF for Quantifying Cyber Risk for Holistic Risk Management

comments.png liked.png share icon
comments.png liked.png

Wipro Collaborates with

WEF for Quantifying Cyber

Risk for Holistic Risk

Management

microsites_play_icon
X

microsites_play_icon
popup-image

Bangalore, India and East Brunswick, New Jersey, USA - March 2, 2015:

Wipro Ltd. (NYSE:WIT) a leading global information technology, consulting and business process services company has been working with the World Economic Forum (the Forum) partner companies to evangelize the need for organizations to develop cyber resilience and the importance of quantifying cyber risk.

Cyber threats are distinct from other business risks, given the speed and wide-spread nature of their impact, as well as the sheer variety of objectives and modes of attack. Also, considering the rising profile of cyber-attacks, cyber security is no longer perceived as just another technology challenge but is now acknowledged as one of the top five business threats for most enterprises.

As per the Forum's estimates, if the sophistication of attacks keeps ahead of defensive capabilities, the resultant new cyber regulations and restrictive policies could hurt innovation by approximately USD 3 trillion, by 2020. Consequently, business leaders and policy makers have highlighted the need for a framework that would aid them in making better cyber security decisions.

The Cyber Value-At-Risk (VAR) framework, developed by Wipro and the Forum's Partnership for Cyber Resilience allows organizations to develop a better appreciation of their threat landscape, the nature of assets that need protection and the quality of their defenses. Cyber risk quantification allows business leaders to apply standard risk management principles to make decisions around mitigating, transferring and managing residual risk. While this frame-work can be applied across all industries, this has specific relevance to sectors that involve sensitive personal data such as financial services, healthcare and retail and those involving critical national infrastructure, including the transportation and energy sectors.

The value-at-risk model (VAR) aims to articulate the aggregate level of risk faced due to cyber threats over a given duration of time and at a particular level of exposure. This frame-work is modelled on more established risk evaluation models in the financial sector and aims to quantify the complexity of the technology landscape and threats through a standardized risk language. Through this framework, an organization can reliably determine and predict the VAR threshold of their cyber exposure. This allows them to determine whether it makes more business sense for them to transfer the risk to an insurance company, take remedial actions to reduce this VAR, or manage the exposure as part of standard business risks.

Elena Kvochko, Manager, Information Technology Industry, Partnering for Cyber Resilience, World Economic Forum, who has worked on the project and the report with Wipro said, “A shared industry framework for cyber risk quantification and measurement will help boost the confidence in and buy-in for organizations' investments towards cyber risk management. More broadly, the framework can help develop more effective risk transfer markets. The cyber value-at-risk concept, that we have worked on with Wipro and other members of the ‘Partnering for Cyber Resilience' initiative, suggests that organizations actively consider aspects  such as value of their assets, profile of attackers, and the existing security posture, as they build their cyber risk models”.

Commenting on the framework, R Guha, Head, Corporate Business Development, Wipro Limited said, “Our customers are increasingly concerned about the rising sophistication of cyber-attacks and extent of reputational and business risks. Through this frame-work, we have been able to help our customers quantify their threats, prioritize business assets and assist them in directing their investments towards better risk mitigation.”

About Wipro Ltd.

Wipro Ltd. (NYSE:WIT) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 150,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com

Media Contacts: 
Vipin Nair
Wipro Limited
+91 80 39916450
vipin.nair1@wipro.com

Subhashini Pattabhiraman
Wipro Limited
+91 9819773385
subhashini.pattabhiraman@wipro.com

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

© 2023 Wipro
Disclaimer Privacy
X

Share Icon
popup-image

Contact Wipro

Please fill the required details to access the content

loading.gif