Cybersecurity risk governance

Cybersecurity risk governance

Organizations are increasingly concerned about threats to data confidentiality, integrity, and availability. When data is compromised, and critical infrastructure and services are impacted, the cost to organizations and damage to trust and reputation can be very high. Most organizations use pragmatic solutions to address cyber-attacks. However, uncertainty remains whether such solutions can address threats before they cause too much damage. Some of the concerns that arise are whether the quantitative estimate of the potential impact (i.e., the risk) is accurate, whether investments for the protection of essential assets are appropriate, and whether overall governance of the decision about cyber risk management is optimal.

Organizations are increasingly concerned about threats to data confidentiality, integrity, and availability. When data is compromised, and critical infrastructure and services are impacted, the cost to organizations and damage to trust and reputation can be very high. Most organizations use pragmatic solutions to address cyber-attacks. However, uncertainty remains whether such solutions can address threats before they cause too much damage. Some of the concerns that arise are whether the quantitative estimate of the potential impact (i.e., the risk) is accurate, whether investments for the protection of essential assets are appropriate, and whether overall governance of the decision about cyber risk management is optimal.

Having the right risk governance structure is key to having a successful cybersecurity program. Risks need to be managed at various levels depending on the levels of risk. When cybersecurity risk assessments are conducted, the outcome of the risk levels and recommendations must be communicated to the right level of governing authority who can decide on an appropriate risk mitigation plan based on risk appetite. The Corporate Enterprise Risk Management policy governs this, and as such, cybersecurity risks must be governed the same way as financial risk management.

Having the right risk governance structure is key to having a successful cybersecurity program. Risks need to be managed at various levels depending on the levels of risk. When cybersecurity risk assessments are conducted, the outcome of the risk levels and recommendations must be communicated to the right level of governing authority who can decide on an appropriate risk mitigation plan based on risk appetite. The Corporate Enterprise Risk Management policy governs this, and as such, cybersecurity risks must be governed the same way as financial risk management.

Cybersecurity breaches often result in a business losing a significant amount of money and loss of client confidence. Some companies, primarily small and midsize, often go bankrupt due to lack of incompetent risk governance program. 

Key Facts:

  • Cybersecurity is rapidly evolving, and data breaches due to relaxed cybersecurity programs are becoming common, resulting in government mandating stricter privacy laws on business.
  • Organizations need to quantify the cyber risk to enable better decisions about security investments and business management. It means having a robust quantitative risk assessment methodology. 
  • Businesses are faced with implementing risk-based approaches to minimize cyber-risk impacts on a business to maintain that competitive edge.

Cybersecurity breaches often result in a business losing a significant amount of money and loss of client confidence. Some companies, primarily small and midsize, often go bankrupt due to lack of incompetent risk governance program. 

Key Facts:

  • Cybersecurity is rapidly evolving, and data breaches due to relaxed cybersecurity programs are becoming common, resulting in government mandating stricter privacy laws on business.
  • Organizations need to quantify the cyber risk to enable better decisions about security investments and business management. It means having a robust quantitative risk assessment methodology. 
  • Businesses are faced with implementing risk-based approaches to minimize cyber-risk impacts on a business to maintain that competitive edge.

Our strengths

Our experienced security consultants will work with your organization to establish and implement an effective cybersecurity risk governance model or enhance the existing model.

Our strengths

Our experienced security consultants will work with your organization to establish and implement an effective cybersecurity risk governance model or enhance the existing model.

KEY BENEFITS

  • It provides adherence to organizational policies
  • Ensures accountability for the leadership team
  • Increases Cybersecurity Maturity
  • It provides a competitive edge

KEY BENEFITS

  • It provides adherence to organizational policies
  • Ensures accountability for the leadership team
  • Increases Cybersecurity Maturity
  • It provides a competitive edge