Owing to this understanding of cyber threats, mature firms assess their tolerance and then manage cyber-investment decisions to maximize the risk-reduction effect.
FREMONT, CA: Advanced boards concentrate on the digital transformation of their businesses. For one thing, they are incorporating cybersecurity into their technology strategy, including the supervision of technology investment, digital transformation projects, and the creation of differentiated customer experience. They also distinguish cyber threats from cyber risks. Cyber threats are technological cybersecurity exploits, such as the escalation of privileges, manipulation of bugs, or phishing. Cyber threats are a possible danger to the company due to the lack of confidentiality, credibility, and digital assets availability.
Giving the Board the Accurate Tools to Evaluate Cybersecurity and Technology Risks
Advanced companies in the field apply standard risk terms to assess their cybersecurity resilience and optimize risk mitigation at various investment levels. They are also pioneering an effective and efficient approach to reporting cyber threats to their boards, enabling directors to recognize the risks are within tolerances, which are not, and why.
Owing to this understanding of cyber threats, mature firms assess their tolerance and then manage cyber-investment decisions to maximize the risk-reduction effect. Such cost-risk-optimal defenses provide the same degree of overall security for sensitive assets as the conventional risk-based approach to cyber-risk management, but in a lighter, cheaper way that increases efficiency.
Mature companies are also streamlining their metrics and connecting KPIs and Key Risk Indicators (KRIs) by introducing metrics that compare inputs and outputs. Inputs are the risk-reduction activities of an organization, and outcomes result in a reduction in corporate risk. For instance, in the sense of data protection, essential assets requiring data protection can become the performance metric or the KRI. Assuming that it is not 100 percent, the cumulative input metric or KPI may be the proportion of critical assets maintained since the last reporting period and the total amount of essential assets planned to be covered by the organization.
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