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Cyber risk is a business problem and demands financial visibility
Comprehensive cyber risk management aligns the impact of cyber events to your unique financial exposure so you can effectively secure the balance sheet and optimize investments based on high priority risks.
Challenge
Understanding cyber risk suffers from complexity due to its technical and constantly changing nature
Why
As a CFO, you need visibility into the impact of a cyber event and tie it to the financial statements
Solutions
Comprehensive risk management lets you calculate your cyber exposure in dollars and align it to the appropriate risk reduction initiatives
Optimize cyber investment during a scrutinized spending cycle
Budget conversations directed from a color quadrant of red, yellow, and green vulnerabilities don’t enable you to make objective decisions. Success should not mean less red and yellow on a chart. Allocating budget for security should be a quantitative conversation. The main question any CFO should have to their security counterpart is: “Can you put a number on the value of this technology investment?” The days of giving a blank check to spend on technology requirements are over. It’s wasteful to simply spend to move risk to a better color on a heatmap. Cyber risk quantification lets you show risk reduction in dollars and cents relative to the technology investment you approve.
Be financially ready for high impact scenarios
Low probability but high impact cyber events are becoming more common today. Digital attacks are repeatedly impacting physical operations and preventing the business from functioning. You have data for the everyday risks—the financial impact of those events is easy to calculate and recover from. Comprehensive risk management takes care of the tail end of the risk spectrum, the events you need to consider and prepare for now. Investments to improve the outcomes of these events make the organization more financially sound and ensure business continuity. Know how spend is impacting the business—whether it’s improving gaps in technological controls or ensuring your insurance policies withstand your prioritized cyber risks if they are realized.
A balance sheet for cybersecurity
Cyber risk is becoming an operational risk. Communication and reporting of cybersecurity to other executives need to be on par with other scenarios the business must be resilient against. Board members are losing sleep, trying to understand the true impact and consequences of a cyber-attack if it happens. Financial impacts are not limited to just recovering and rebuilding technology. Boards and other senior executives are concerned about ensuring business continuity and servicing customers. With cyber risk quantification, it’s possible to be better prepared and sleep well at night by reporting exactly what’s at stake to the business—financially.
Meaningful Risk Reduction Conversations
“I can show my cybersecurity investments are paying off in a visualization that clearly demonstrates the output a cost/benefit analysis.”
CFO, Banking