Cyber risk is a top 3 business concern - but cyber risk isn’t being evaluated in terms that the business can understand. The role of cybersecurity is to protect the business from financial harm – but if you can’t see cyber risk in financial terms, how can you fulfill this mission?
You simply cannot.
Technical evaluations on risk and qualitative heat maps can't get you there – it is time for business-aligned security, where cyber risk is assessed in financial terms and security programs are managed based on how well they reduce financial risk to the business.
When cyber incidents can result in tens or hundreds of millions of dollars in losses, CISOs must learn to think and act in terms of enterprise risk.
Regulators increasingly demand that boards guarantee true financial disclosure of cyber risk. Boards and the C-Suite are demanding CISOs up their game.
New products, new markets, new partnerships and M&A - in the digital age, cyber risk enters into all aspects of decision-making.
"Controls and procedures should enable companies to identify cybersecurity risks and incidents [and] assess and analyze their impact on a company’s business.”
SEC Cybersecurity Disclosure Guidance
Business processes have digitalized at an accelerated pace over the past decade. While business executives leveraged this digitalization to enable phenomenal business efficiencies and growth, it also brought a new range of technology risks that need to be understood and managed.
The overall governance of cyber risk is undergoing a deep transformation. Board and executives can no longer delegate risk decisions to IT and must ‘own’ cyber risk. CIROs, CISOs and other risk and security professionals must use the power of cyber risk management to deliver value and influence business decision making
The effectiveness of CIROs, CISOs and other risk and security professionals as facilitators of business decision making depends on the implementation of a financially-driven, business-aligned approach to managing cyber risk.
Consider RiskLens to quantify the true measure of cyber risk, dramatically improve the communication and the decision-making among all stakeholders and optimize your security investments.
"If CISOs push back on quantifying potential loss, I find that unacceptable as a board director. CISOs need to advance."
Three time CISO, and creator of the FAIR model which makes cyber risk quantification a reality, Jack Jones provides a high-level introduction to managing cyber risk from the business perspective. You’ll learn how the FAIR model powers cost-effective analysis for security initiatives on par with other forms of Enterprise Risk Management.
Read this eBook and never be satisfied again with qualitative, high-medium-low or red-green-yellow risk ratings.