It is critical for any company to have the ability to mitigate cyber risks and potential cyberattacks as a top priority. To be successful, this effort necessitates accurate information on cyber risk. Your security posture can be measured and improved with this information.
But on what evidence can you put your faith? Analyse the most critical cyber risk data points your company should be collecting, as well as how you can use that data to support your business case.
Incorporating Cyber Risk Data into a Business Plan
Automated and externally observable data is the best. Through external analysis, you can obtain an objective and comprehensive view of your security program. When you have access to this data, you will have a better understanding of your overall security performance, which will allow you to take corrective action. Humans can slow down and miss out on potential threats if they aren’t automated out of the equation.
However, there are also tangible business advantages to be gained. The bottom line of your company can be directly impacted by two types of cyber risk data:
Calculate the monetary cost of cyber security threats.
For the average CEO or CFO, the term “cybersecurity” can have a hazy connotation. Even though they are aware that data breaches can cost their companies millions of dollars and damage their reputations, it can be difficult for them to estimate the financial impact on their companies’ balance sheets.
Instead of bragging about the number of attempted intrusions your firewall has thwarted in the last year, they’re more interested in knowing:
What are the financial ramifications of our current risk-taking behaviour?
As a result, you should correlate the threat of cybercrime with the associated financial risk. Will a security breach cost us any money at all? How much will it cost to fix the hole once it’s been found? How much money will you need to ensure that we don’t have to bear the financial burden of this?
As part of the C-suite, effectively communicate risk.
The C-attention suites can be grabbed once you’ve quantified the financial risk of cybersecurity. As soon as you’ve gained that attention, how do you effectively communicate? and justify how you’re protecting your organization from threats such as ransomware and supply chain attacks?
Again, the technology that keeps intruders at bay will not be of interest to business leaders. More than anything, they’ll want to know if their company’s security posture is “good,” “bad,” or “somewhere in the middle” when compared to their competitors.
If you want to maintain the support of those in positions of authority, you must communicate your performance in plain language, free of technical jargon. Security Rating is a simple and straightforward metric for accomplishing this. Ratings assign a numerical value to your company’s security profile, with a higher number denoting better protection.
By using context—such as previous performance, industry benchmarks, or other measurements—security ratings can help you better understand your current situation and identify areas for growth. When it comes time to allocate resources and funds, they can help managers make informed decisions about how to best support your organization’s risk profile.
You can find the information you’re looking for in Cyber Risk Data.
The management of cyber risk must always be aligned with the objectives of the company. Automated data collection, monitoring, and analysis of cyber risk are the most effective methods for making sure this happens. Your management team and board of directors can use this information to develop actionable recommendations and make a compelling case for additional resources for strengthening your company’s security posture.
