Cyber risk in business terms
Proactive governance is becoming essential for executive board members. Reporting on cyber risk is shifting from a ‘defend and protect’ mindset to a more capable ‘mitigate and manage’ methodology. Axio360 allows board members to understand cyber security in business terms to make risk-based decisions.
View cyber risk beyond a heatmap
Heatmaps are abstract. Certain risks can remain the same color quarter over quarter. Board members need financial visibility they can act upon with clarity and confidence. Axio360 executive reporting dashboards provide the top cyber risks in financial and operational terms. This view allows you to prioritize business decisions based on financial impact.
Determine the impact of emerging threats
No risk landscape has changed as dramatically as the digital one. Every time a new event is publicized in the news, board members ask, “How does this affect us?” Axio360 provides clarity on common threat scenarios such as:
Ransomware on control systems for manufacturing and IoT or medical devices
Attacks on connected critical infrastructure controls systems
Attacks on third-party vendors over which control and visibility is limited
Measure cyber risk reduction quarter over quarter
Traditionally, when a CISO reports on the current state of cybersecurity, board members often ask about budget and progress of the program. With Axio360, it’s very simple to understand how much risk can be reduced for a particular cyber scenario. Executive reports can model how specific controls reduced the overall risk exposure by applying appropriate resources. Board members can finally have a more data-driven view of risk reduction in dollars and cents.
Fulfill cyber responsibility and fiduciary duty
As cyber threats continue to morph and grow, society is beginning to require greater accountability from boards. Being a board member may soon become a risk if one doesn’t have the proper information to make security decisions. Board members need better information about all risk types to make executive decisions to ensure business continuity and servicing customers. While assessments on compliance and maturity are excellent instruments to understand the present state and provide a score to track improvement, they are only one piece of the reporting puzzle. Board members need to have a future outlook and understand the risk scenarios pertinent to their business and the greater landscape. Axio360 allows board members to align cybersecurity to the organization’s financial risk threshold. With a cyber risk quantification process, informed by program maturity, control initiatives, and insurance portfolio analysis, board members can rapidly determine which critical scenarios to address in order to bring risk down to an acceptable level.