Fear can be crippling
This is just as true when boarding a plane as it is when running a business. How much of an impact can fear have? In May 2016, BBC ran a news report entitled, "Flight delayed after passenger becomes suspicious of equation," which illustrates the crippling impact that fear can have: “an Italian economist says his flight was delayed after a fellow passenger saw him working on a differential equation and alerted the cabin crew.”
Is your organization hampered by decision-makers who are fearful of cyber risks? Are these fears well-founded, or is the leadership fearful of the cyber equivalent of differential equations, and as a result have become cyber risk averse? Is the organization able to appropriately evaluate cyber risks and make effective decisions?
Overcome fear through cyber risk quantification
In a 2015 report, “Partnering for Cyber Resilience — Towards the Quantification of Cyber Threats,” the World Economic Forum (WEF) noted that “Protecting against targeted threats without disrupting business innovation and growth is an increasingly critical business, economic and social imperative.” The report further noted that “The prevailing environment of uncertainty, along with accompanying pervasive risk aversion surrounding cyber threats, is restricting economic development. The spectre of potential threats hinders key digital ecosystem players from pursuing cyber-related commercial and public development initiatives.“
There is a way forward if your organization’s ability to innovate and grow is stifled by an over-abundance of cyber caution: the quantification of cyber risk. Quantifying cyber risk in financial terms allows the organization’s leadership to properly assess the risk stemming from new or existing ventures, and pinpoint areas of cyber risk that can be quickly improved.
Empowered by actionable data about cyber risks, i.e. cyber risks expressed in dollars and cents (or any other base currency), organizations can get back to the business of managing growth and innovation without being frozen by the spectre of cyber risks.