Experts are starting to see CEO compensation tied to cybersecurity achievement, yet the technical aspect of cybersecurity may be intimidating to most corporate leaders. In this article, I’ll outline what information CEOs and business executives want from security programs in order to properly report on their cyber posture to board members.
FUD
When establishing a proactive program like cybersecurity, the notions of fear, uncertainty, and doubt (FUD) might be useful if utilized judiciously. More boards and CEOs, like Colonial and JBS, are most worried about avoiding making the news. Put the purpose of your cyber program into context with these headlines to assist the Board understand why the company needs it now.
To encourage your board to invest in cybersecurity, it must be de-mystified. Your cybersecurity strategy should be portrayed as a commercial imperative. The board should be aware that a good cybersecurity program will keep your firm functioning smoothly rather than depleting its resources.
Bring in your CISO
Your CISO is the expert in cybersecurity strategy and risk management. They’ve been there and done that, so they know the ins and outs of the technical components of your company’s security and risk. When it comes to reporting on cybersecurity success, the CEO and CISO must have a symbiotic partnership. When reporting on cyber posture to the Board of Directors, CISOs are often more technical and risk getting lost in the weeds. The CEO may be a useful filter for what’s important and what’s not in that situation. A risk-aware CEO can distill cyber information and frame it in a relevant lens for board leaders. CISOs may bridge the gap between technologists and CEOs and business leaders by discussing the more technical aspects to the CEO in advance of addressing it to the Board of Directors. This connection, when engaged in, may assist keep the company safe and promote commercial success through technology.
What Threats Are Important To Your Company?
Get more specific after a high-level analysis of the broad dangers that each company faces. Risk aversion differs from risk-taking. Risks are not always harmful, and certain risks are necessary for a firm to flourish. Collaborate with your security executives or CISO to determine which risks are unique to your firm. For example, are you a healthcare organization that confronts attack threats from linked devices and strict privacy regulations? Or are you a digital firm that has to focus more on data privacy and security since your brand and reputation are at risk?
Determine whether your risk and compliance technology for information security automates risk reporting. We offer a variety of executive-focused risk reports in CyberStrong, with varying levels of depth. Focus on an executive-level risk assessment in this situation – the CyberStrong Executive Risk Report identifies the top three threats affecting the company.
FAIR risk quantification is a method of calculating your security posture in monetary terms. CEOs and CISOs may identify the components of the assessed risk and calculate the economic effect of this risk exposure using this quantitative technique. The FAIR model’s openness will improve board-level reports and give actionable insights for risk control and reduction.
Defining Your Risk Appetite
As businesses embrace new technologies, they must equally face new dangers to the business. A CEO must be aware of the magnitude of cyber risk on a global scale. Cyber teams are crucial to board meeting reports because risk management solutions boost the organization’s visibility and automate numerous mundane chores.