Organizations constantly face new tactics from cyber criminals who aim to compromise their most valuable assets. Yet despite evolving techniques, many security leaders still rely on subjective terms, such as low, medium and high, to communicate and manage cyber risk. These vague terms do not convey the necessary detail or insight to produce actionable outcomes that accurately identify, measure, manage and communicate cyber risks. As a result, executives and board members remain uninformed and ill-prepared to manage organizational risk effectively.
At the same time, executives are feeling increasing pressure to improve cybersecurity programs with the rise of newly adopted U.S. Securities and Exchange Commission (SEC) regulations, which require publicly traded companies to rapidly disclose cyberattacks and material information about their cybersecurity risk management, strategy and governance.
Cyber risk quantification (CRQ) has emerged as the most effective way to maximize cyber risk management programs by translating cyber risk into specific financial impacts. According to Forrester Research, “CRQ will fundamentally revolutionize the way that security leaders engage with boards and executives to discuss cybersecurity.”
Reporting cyber risk to executives and boards of directors
News headlines of cyberattacks and zero-day vulnerability exploits have become typical conversation topics in boardrooms. In fact, cyber risk has become one of the top five risks facing organizations. In today’s world, it is essential for security leaders to communicate cyber risks to their boards in a clear, concise and understandable way. Often, cybersecurity reports are filled with too many technical details, hindering executives from making well-i ..
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