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:
- Only 6% of financial services companies say their information security function currently meets their organization’s needs
- 87% of organizations don’t have sufficient budget to provide their desired levels of cybersecurity and resilience
- 55% of organizations don’t make “protecting” part of their cybersecurity strategy
- Fewer than 10% of organizations believe they are mature in the following cybersecurity categories:
- Architecture
- Identity and access management
- Metrics and reporting
- Software security
- Third-party management
- Threat and vulnerability management
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:
1. Check off cybersecurity readiness basics
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:
- Developing an information security policy
- Maintaining oversight through asset identification and an IT risk register
- Conducting IT risk and control assessments
2. Pursue digital transformation
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
3. Deliver executive reports
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.
The Takeaway
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.
Further reading:
Cybersecurity Readiness 101: 4 Big-Picture Best Practices for IT Risk Management
GRC Technology’s Role in the “3 Lines of Defense” Risk Management Model
Considering an IT risk management solution?
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:
- Asset identification and management
- Risk and control assessments
- Vulnerability management
- Workflow automation and task reminders
- Analytics and reporting
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.
Learn about how Quantivate’s IT Risk Management Software and GRC Software Suite make all of this possible in one integrated platform, or schedule a free demo to see it in action.