It does’t matter the size of the business or the industry, a cyber attack will impact your business and the threats must be addressed at all levels of an organization. Even though Boards and CEOs may not be able to grasp all the technical details, it is still important to them that risk is quantified so it can be effectively evaluated.
How to become literate in cyber risk
Understanding cyber risk means being able to establish your company’s tolerance for cyber risk, define the outcomes that are most important in guiding cybersecurity investment, and be able to foster a culture of cybersecurity and resilience.
In order to become fully literate in cyber risk, leaders from the Board to the C-Suite must be presented with all the data they need to fully examine the technical, governance, and cultural aspects of an organization.This means paying careful attention to ensuring that underlying measurements provide a true comparative benchmark. Start with a comprehensive risk assessment that moves beyond the technical details and that includes both an outside and inside perspective. Cyber risk information can then be held up against other business risks and similarly weighed against particular strategic opportunities.
- Complete a Cyber Risk Assessment
A cyber risk assessment will quantify the strength of a company’s cyber defenses. It also measures cyber resilience — the ability to recover from an attack. Cybersecurity managers should work with their senior leadership and boards to provide context and enlist a IT firm to provide a third-party risk assessment that will provide the knowledge the board needs to provide effective oversight.
- Determine Your Risk Tolerance
Leaders will need to understand the risks the company faces before the board can evaluate how much risk they are willing to tolerate.
- Establish an Expected Outcome
Since “perfect” cybersecurity is not attainable, the board should focus on the combination of an organization’s risk appetite, prior and future investment in cybersecurity, and expectation of its customers, shareholders, and even regulators when establishing expectations.
- Create a Culture of Cybersecurity Awareness
A resilient risk management program starts with the right culture. Company leaders are responsible for establishing a culture of cybersecurity awareness and resiliency.
If you need help assessing your cybersecurity risk posture, please contact ACE IT Solutions at 646.558.5575 or firstname.lastname@example.org to schedule a cybersecurity risk assessment. Our comprehensive evaluation and assessment of risks and the controls in place to mitigate the identified risks provides organizations with the assurance they need to become cyber risk literate.