Moving towards a holistic Cyber Risk Governance approach
The ongoing task of maintaining cyber security and risk governance, while providing evidence and communicating efficiently with corporate stakeholders is getting increasingly more important for practically every organization. Understanding the risk posture and providing transparency while aligning cyber security efforts with corporate strategies is a major challenge. The current lack of standards and overarching strategic concepts needs to be overcome by establishing a sustainable, holistic Cyber Risk Governance framework.
Commissioned by TechDemocracy
1 Executive Summary
More and more organisations understand that Cyber Risk Governance is a challenge that needs to be addressed on a management level. Cyber security and regulatory compliance are strong drivers for rethinking and redesigning a mature approach towards cyber resilience. But Cyber Risk Governance is not only reactive and defensive. Every organisation is unique in its business strategy and so are security and cyber risk requirements. A proper strategy for an effective Cyber Risk Governance is a key challenge for many organisations and will be even more so in the future.
The identification, execution and communication of adequate, consistent and sustainable decisions require an in-depth insight into the overall security posture. Beyond achieving an adequate level of security, while maintaining governance and providing evidence of that, Cyber Risk Governance needs to be understood as a business differentiator and a strategic management instrument. A standard way of defining, measuring and communicating cyber risk is a must to achieve adequate communication towards all relevant stakeholders.
This paper identifies existing shortcomings of many organisations’ Cyber Risk Governance organisations and outlines concepts for a well organised approach towards achieving a holistic system for managing risks, threats and investments. The paper will further show how TechDemocracy’s Cyber Risk Governance platform Intellicta can help businesses, as well as all organisations in general, to implement an efficient, cost-effective and adequate cyber risk governance framework for their organisation.