Wednesday, May 29 2024

Cyber risk is agnostic. It is a threat to any entity or enterprise with a vulnerability to be leveraged for gain. Yet, with such a pervasive threat, it is rare to find an organization that has a firm grasp on its greatest vulnerabilities, its key risk indicators (KRIs), and whether its cyber security investments are actually delivering. Without this information, executives lack confidence in the firm’s security and its ability to protect itself and its constituents.

Among the issues currently challenging today’s CEOs and executive team members, the greatest seems to be a lack of cohesive, directional data. Reports are too often constructed by technicians, for technicians. They lack the context and definition to guide boards and heads of business. Very few know whether their greatest cyber risk sits with a skilled criminal hacker or a former employee with a grudge. Without the ability to analyze risks across businesses, processes and functions, leadership defaults to a blanket solution, and not a strategic and tactical allocation of human and financial capital.

Under these conditions, resources tend to be directed toward prevention against any/all possible enemies, rather than preventing some and building risk tolerance and resilience for others. This level of discernment requires clearly articulated KRIs. Without them, funds are poured into a black hole of prevention. In order to manage costs, some entities are outsourcing their security oversight and audit, rather than investing in resident expertise, further distancing themselves from understanding their own risk position and framework.

To provide truly transformative cyber support and security, CSOs and their teams, working closely with CEOs, boards and executive teams, have the opportunity to establish a position of greater influence, collecting, analyzing and presenting cyber risk data in context and clarity.

By becoming business partners to their colleagues in operations, finance, and other key functions, they can deepen their understanding of the business and support the most relevant data capture for risk assessment; they can more effectively provide and package insights that drive change.

If you are not confident in your organization’s cyber security approach, you can do these three things right away to improve your position.

· Define risk appetite: All risks are not equal. Identify risks to the enterprise, determine which are likely/unlikely, which are fatal vs. survivable, and prioritize accordingly to ensure optimum allocation of resources.

· Foster cross-functional interaction: Connect those who gather the data with their constituents and task them jointly with creating a cyber security report for the businesses/enterprise. Working together to identify and measure

meaningful KRIs and put them in context not only aids evaluation of ROI, but fosters knowledge sharing that results in stronger, more consistent internal awareness and understanding.

· Audit regularly: Set a schedule for auditing your risk approach and, where possible, include a third-party expert in the review. Combine your expertise with theirs to ensure you’ve covered your bases.

Cyber security teams working directly with business heads to clearly define risk appetite, to jointly set KRIs and other metrics for measuring effectiveness, and to develop plans for improved vigilance and greater resilience quickly become superheroes and protectors of the universe.

Additional reporting by Elisabeth Buscemi. Editing by Carol McGall.

Previous

Hacker breached Florida water treatment system, tried to poison drinking water

Next

New Day for Zero-day Exploits: Microsoft Exchange mitigation

Check Also

Widget

Don’t Miss

Best Cloud Security Posture Management (CSPM) Software

Ellie Buscemi

What is Cloud Security Posture Management and how does it work? Cloud Security Posture Management (CSPM) is a product, service or platform that allows a business to protect their cloud infrastructure through the prevention, detection and response of cyber risks. A CSPM offering uses known and effective frameworks, regulatory standards and company policies to confirm […]

Best Privileged Access Management (PAM) Products

Lara Oporto

What is Privileged Access Management and how does it work? Privileged Access Management (PAM) products stand as a crucial fortress in fortifying your company’s digital landscape. Functioning as a meticulous guardian, PAM offerings orchestrate the establishment of access protocols, meticulously determining who holds privileged access to critical data and the specific circumstances under which such […]

Best Automated Moving Target Defense (AMTD) Offerings

Ellie Buscemi

What is Automated Moving Target Defense and how does it work? Automated Moving Target Defense (AMTD) is a recent innovation in cybersecurity that focuses on flexibility, deception and attack prevention. AMTD has four main components: it provides proactive cyber defense mechanisms, contains automation to change the attack surface, utilizes deception technology and can execute preplanned […]

Third-Party Risk Management Solutions

Lara Oporto

What is Third-Party Risk Management? Third-Party Risk Management (TPRM) software assists organizations in managing risks associated with their relationships with suppliers, vendors and service providers. The products offer a range of features to automate and streamline various aspects of third-party risk management. They typically include tools for risk assessment, due diligence, contract management and ongoing […]

Best Industrial Internet of Things (IIoT) Platforms

Lara Oporto

Industrial Internet of Things (IIoT) offerings are technological solutions empowering businesses to connect, manage and analyze data from a multitude of devices and systems within industrial settings, such as manufacturing, energy, transportation, logistics and healthcare. What are Industrial Internet of Things (IIoT) platforms and how do they work? Industrial Internet of Things (IIoT) platforms are […]

The words Endpoint Detection and Response (EDR) on a green background with lines on the right side of the image

Best Endpoint Detection & Response Platforms

Lara Oporto

Endpoint Detection & Response platforms continuously monitor endpoints for signs of malicious activities, such as unauthorized access or unusual behavior, enabling rapid detection and response to potential cyber threats to safeguard organizational assets. What is Endpoint Detection and Response and how does it work? Endpoint Detection and Response (EDR) is a cornerstone in modern cybersecurity […]