What is the first step in utilizing the GFOA Ransomware Risk Quantification Educational Model?

The first step in utilizing the GFOA Ransomware Risk Quantification Educational Model involves establishing the baseline risk. This foundational step is crucial because it helps organizations understand their current level of vulnerability to ransomware threats. The baseline risk assessment provides a framework for evaluating existing security measures and identifying potential areas of improvement.

By quantifying baseline risk, organizations can holistically assess their operational environment, awareness levels, and technical defenses against ransomware attacks. This understanding is essential not only for mitigating risks but also for making informed decisions about potential investments in additional controls or insurance. Once the baseline risk is defined, organizations can then proceed to implement measures to lower the identified risks, such as adding controls or considering insurance options.