Welcome to Razorwire, the cutting-edge podcast where we slice through the complexity of cybersecurity and risk management to bring you insights from industry leaders. I’m your host, Jim and in today’s episode, we unravel the intricacies of FAIR (Factor Analysis of Information Risk) risk methodology with none other than its creator, Jack Jones. Jack’s groundbreaking approach has revolutionised how organisations perceive and approach information security risks. So, buckle up as we dive deep into the mind behind this transformative model.

In a fascinating session, Jack shares his journey in developing the FAIR risk methodology and its impact on the business landscape. From facing initial industry scepticism to achieving global recognition, Jack's story is a testament to innovation and perseverance. Alongside the creation of the FAIR Institute and the adoption of his standards across various sectors, Jack also teases his upcoming book focused on the controls analytics model. We discuss the evolving landscape of risk management and the potential for FAIR to automate and improve cybersecurity practices. Get ready to have your perspective on risk quantification transformed!

Key Talking Points:

1. Demystifying FAIR - Discover how Jack Jones broke new ground with the FAIR risk methodology, demystifying risk management for businesses worldwide and why industry giants are adopting his model to navigate the complexities of cybersecurity.

2. Resistance and Triumph - Hear the compelling tale of how Jack overcame industry resistance, with some even suggesting criminal negligence, to establish a new paradigm in risk assessment now embodied in the FAIR Institute and the Open FAIR standard.

3. Risk Beyond Cybersecurity - Learn how the versatile FAIR model transcends cybersecurity, influencing financial product design, operational risk measurement and even natural disaster assessments - a testimony to its adaptability and Jack's vision for its future potential.

For cybersecurity professionals eager to stay ahead of the curve and to refine their approach to risk management, this episode is not to be missed. Join us on Razorwire to hear the insights and backstories directly from the experts shaping the field.

“I did get some positive reactions from people in the industry, but I also got an email from someone in the industry … with a significant following and they wrote me a letter saying that I should be prosecuted for criminal negligence for having published this, that in his view, the word risk should be stricken from the English language.”

- Jack Jones

Listen to this episode on your favourite podcasting platform: https://razorwire.captivate.fm/listen

In this episode, we covered the following topics:

- Fair Risk Methodology Overview: A novel approach to risk assessment that simplifies risk management by addressing subjective probability factors and incorporating control efficacy.

- Development and Inspiration: The origins of the methodology and how inspiration from physics led to a new model for measuring control effectiveness in risk management.

- Industry Reaction and Growth: An exploration of the initial pushback against the methodology, followed by its adoption by the Open Group and the subsequent rapid expansion globally.

- Founding of the FAIR Institute: The establishment of a dedicated institute to provide resources and community engagement around the FAIR methodology.

- Advancement through Collaboration: How input from various industry professionals has contributed to the enhancement of the FAIR model, exemplified by the...