As businesses continue to invest in digital transformation and base their business models on technology, cyber threats only become more imminent. Cyber Risk is no longer an IT problem, but a board-room concern. With cyberattacks disrupting business continuity, they pose a direct impact on the top and bottom line of an organization’s balance sheet. Thus, making cybersecurity one of the top priorities of every organization.
Challenges with traditional cybersecurity approach
The evolving breach trends verify that complying to frameworks alone can no longer holistically safeguard organizations. Frameworks such as ISO, NIST, PCI DSS and others are used as reference checklists for cybersecurity and risk management practices, however, they provide limited visibility. Cybersecurity must be aligned in every organization; threats and mission-critical business needs, provided by products that deliver holistic and actionable insights. The Frameworks approach to risk-posture assessments is subjective, labor-intensive, and only offers point-in-time snapshots/assessments. They rely on a qualitative scale without any objective and quantitative measure to assess the security posture of an organization.
Similarly, Security Rating Services represent an independent source of publicly accessible data to support some use cases. However, these services don’t provide a complete assessment of security controls, as their information is primarily sourced from publicly accessing internet IP addresses, honeypots, analyzing Deep and Dark web content, and individual proprietary data warehouses.
New approach to cybersecurity
Today, the delegation of risk decisions to the IT team cannot be the only solution and has to be a shared responsibility. The board and business executives are expected to incorporate the management of cyber risk as part of their business strategy since they are accountable to stakeholders, regulators and customers. For the CROs, CISOs, and Security and Risk Management Professionals to be o ..
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