Risk quantification makes it much easier to communicate risk but determining exactly what to communicate to business stakeholders can be tricky. What cybersecurity KPIs should you show them? How can you leverage the values from quantitative cyber risk analysis without making it too complex?
With RiskLens, you’ve translated your risk to the language of business – loss exposure in dollars – but now you need to effectively communicate it to your board, committees, and business owners. To do so, you need easily digestible representations of risk in a way that resonates with a non-technical audience. All on a single slide.
We recently helped a RiskLens customer in the technology sector who faced this challenge. They needed to report their top risks and show the value of quantification to their board of directors and audit committees. This audience was familiar with risk categories expressed in qualitative terms and an associated roadmap. This was a great opportunity to “bridge the gap” and report on risk using their familiar categories, while still introducing quantified risk.
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We created a dashboard-style report that highlighted their top risks through different lenses that would resonate with the audience and show the value of quantification. For them, this meant reporting on their Top Risk Scenarios as they relate to previously established risk themes from their roadmap. In other words, we communicated quantified risk using their language. Reporting on these themes, rather than individual risk scenarios, provided a useful level of elevation for the audience while still telling the story of their top risks.
Dashboard for board and senior management reporting
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By using this report, the CISO was able to tell a story very simply about where risk exists, how it is categorized, what it could mean to the business, and what initiatives are planned based on this understanding. This gave senior leadership confidence in the direction of the program and they were excited to see updated reporting next quarter.
In summary, in order to have a meaningful conversation with business stakeholders about cyber risk quantified in financial terms, you need to speak their language. This could mean using already established risk themes, as seen above, or it could mean reporting by business unit, risk tiers, assets, or another theme – all can be accomplished based on RiskLens platform reports. The more easily digestible and familiar the report is, the greater the impact on the audience.
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