  Quantifying cyber risks is essential for organizations to grasp their
vulnerability to threats and make informed decisions. However, current
approaches still need to work on blending economic viewpoints to provide
insightful analysis. To bridge this gap, we introduce QBER approach to offer
decision-makers measurable risk metrics. The QBER evaluates losses from
cyberattacks, performs detailed risk analyses based on existing cybersecurity
measures, and provides thorough cost assessments. Our contributions involve
outlining cyberattack probabilities and risks, identifying Technical, Economic,
and Legal (TEL) impacts, creating a model to gauge impacts, suggesting risk
mitigation strategies, and examining trends and challenges in implementing
widespread Cyber Risk Quantification (CRQ). The QBER approach serves as a
guided approach for organizations to assess risks and strategically invest in
cybersecurity.
