Bridging the Gap Between Cyber and Business Risk
Cyber-risk has become equal to business risk as the number and kinds of cyberattacks rise, as well as the rising numbers of firms that suffer a breach. As a result, C-level executives are now more concerned about a company’s vulnerability to cyber attacks, putting increased pressure on them to make sure their security controls are adequate. Yet, between what businesses should do and what they are actually doing, there appears to be a significant disparity.
The majority of security professionals comprehend that mapping cyber-risk to business risk is a good strategy, and they want evidence-based data to help cybersecurity be managed like other departments. However, when it comes to how to accomplish this, there is clearly a gap. When a breach occurs, there is little knowledge of how to assess and improve an organization’s cyber-risk, as well as what actionable steps to take to enhance the organization’s security posture.
Here are some suggestions for how security staff might better perceive their company’s cyber-risk and quantify the steps being taken to reduce it to management.
1. Start with measuring
When it came to selecting security solutions, security experts tended to only consider performance and speed. Because the environment is proving increasingly complicated to manage while monitoring and communicating on security effectiveness to the remainder of the organization (including Sales, Marketing, HR, etc.), this is no longer true. To provide the evidence required to ensure that security controls are functioning as they should, this reporting must be focused on quantitative, data-driven measurements rather than assumption-based metrics.
2. Automate Continuous Testing and Monitoring
Evidence on an ongoing basis is needed to demonstrate what is functioning and not functioning. Companies often use audits and penetration tests as ways to check their security, but they just provide a one-time evaluation of security controls rather than a comprehensive picture. While environmental drift occurs, there are testing tools available that not only detect but also proactively fix and verify the correction, and then do it again for further verification. To put it another way, solve the issue properly the first time and keep it that way from then on out.
3. Make sure you’re evaluating and using the best security solutions.
It’s critical to understand if you’re evaluating the appropriate products for your scenario and enabling the organization when assessing any security solution. For too long, security has been overlooked in this kind of assessment because there haven’t been adequate tools to justify investments. Security leaders now have access to these tools, which provide insight into how security components both help and support corporations.
4. Report actionable data to the executive team.
Key stakeholder groups like the C-suite and the board of directors all want assurance that the security controls in place are effectively securing the company and its digital assets, which is why you’re a security expert. Look for systems and platforms that can provide your executive team with verified, realistic reporting and communicate with certainty that the security framework is regularly monitored and optimized to minimize business risk.
It can be difficult for security staff to reconcile the risks posed by cyberattacks with their day-to-day responsibilities. By using security metrics as a primary guide for business decisions, security staff can better understand their company’s cyber-risk and make informed decisions that will help reduce it.
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