When organizations are victims of a cyberattack, the consequences extend beyond a data breach or business disruption. Brand reputation and public perception and trust also take a significant hit. As new technologies emerge, so do new risks — yet many businesses are unprepared in the area of cybersecurity readiness.
Ernst & Young’s 2018–2019 Global Information Security Survey revealed that many organizations are falling short in managing data privacy and cybersecurity and have some work to do in maturing their IT risk management capabilities:
However, even organizations that have some catching up to do in the area of cybersecurity readiness can take steps toward basic or more advanced management strategies, depending on their maturity level. Let’s take a look at a few ways to protect against cyber and reputational risk:
Many institutions struggle to establish even basic cybersecurity processes and protections. With 77% of organizations operating with limited cybersecurity and resilience, many don’t have an inventory of their most critical data and assets or adequate safeguards to protect them.
Working toward a mature cybersecurity framework first requires addressing management essentials like:
After establishing foundational cybersecurity practices, consider technology-enabled solutions that equip your organization to develop a mature IT risk management program with capabilities such as asset management, workflow automation, and data analytics and reporting.
“Cyber data, metrics and reporting should be embedded in the system from the outset to achieve agile transformational change – which is clearly not the case right now.”
– EY Global
The board, executive management, and audit committees need timely, accurate data to make informed, risk-based decisions. However, 84% of organizations report inadequate board-level reporting for cyber risk. Decision-makers need a clear view of the organization’s risk landscape to take proactive action, and executive reports provide critical information tailored to recipients’ governance responsibilities.
Organizations need to be prepared to face growing risks and technological changes. And if a cybersecurity program is going to support an organization’s strategic goals, it needs to synchronize with business processes through digital capabilities like data integration, automation, and risk reporting.
The best way to get started with integration and digital transformation and expedite program maturity is to invest in a dedicated solution for cybersecurity and IT risk management.
IT Risk Management software can significantly simplify processes like:
Ideally, a cyber risk management solution should integrate with other governance, risk, and compliance activities like business continuity management and vendor management, among others. This gives decision-makers at your organization a holistic, real-time view of risk and compliance activities and data.