The rising security concerns are a primary strain on businesses. CISOs strongly believe that enterprise cyber risks and attacks are similar to business risks.
With the surging cyber attacks, there is a need for business leaders to consider cyber threats as a primary business risk. The lack in alignment is rapidly becoming one of the significant reasons of disorder between the CISO, and other HODs.
Adding to the tricky situations is the siloed structure of security functionalities where most of the business resources have low exposure to other areas of business, and lesser business risk.
Despite misalignment of decision-makers being the primary reason for lack of uniform and hence string security policies, for most organizations today, the business risks are not really separate from the cyber risks. In reality, the cyber-security risks are a primary subset of business problems.
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Given that these incidents could cause downtime, loss of a brand image and related business disruptions are inevitable. Thus, it is easier to manage business risk more efficiently when the cyber threats are also accounted for.
As per experts, many business leaders do not have a background on IT security. As a result, they tend to be less familiar with the security terminologies and how security could affect the overall business.
Lately, cyber-security has experienced an unprecedented surge in unplanned investments. This had led the security leaders to have a tough time explaining the RoI to the C-suite executives. Especially in a downswing economic environment, security is often put on the chopping block or perceived as a tax on the enterprise.
CISOs have been working on their language and choice of words while communicating the threat posed by the unpatched vulnerabilities. Simply put, the instructions and the details linked to the risk can’t be perceived in the same way for the rest of the board members or business professionals.
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Bigger organizations have already developed a risk appetite statement – a concise document outlining the various risks and their associated impacts. There are use cases and scenarios about what a company can and cannot stand in the situations of different operations. Most businesses do not follow a risk appetite statement, even if the solutions are in place.
Concerning cybersecurity, there are far more challenges and less data for the risk analysts and security practitioners to predict the unknowns. As a result, more security experts are seeking beyond the limited historical data. They have been looking to threat intelligence like business risk intelligence (BRI) to foresee the most susceptible and advanced risks.