New Board Reporting Offering Will Strengthen Oversight of Cyber Risk in the Boardroom
Secure Systems Innovation Corporation (SSIC), the innovators behind X-Analytics, the premier cyber risk decisioning application setting the standard for businesses in pursuit of cyber resiliency, and the National Association of Corporate Directors (NACD), the authority on boardroom practices representing more than 23,000 board members, today announced that the X-Analytics Cyber Risk Reporting Service has been added to NACD Board Services to help NACD members advance cyber-risk oversight in the boardroom.
As cybercrime is expected to exceed $10 trillion in annual damages by 2025, according to Cybersecurity Ventures, cyber-risk is now considered by many to be a mission-critical risk requiring heightened board attention. Directors indicate in the 2022 NACD Public Company Governance Survey that changing cyber threats are among the top five issues that will impact their businesses over the next 12 months.
“We have heard from many directors the need to understand the financial exposure resulting from cyber risk, going beyond the threat-focused, technical cyber presentations most boards receive,” said Peter R. Gleason, president and CEO of NACD. “This new board reporting service is designed to deliver financial cyber-risk analytics and insights that boards will increasingly need to advance their oversight of cybersecurity.”
The Cyber Risk Reporting Service is powered by a proven application within the global cyber insurance industry and major enterprises, to contextualize the business and financial impacts related to potential cyberattacks.
Also Read: State of Cybersecurity Landscape in 2022 and Beyond
The service can offer boards and executive teams a clear understanding of their companies’ cyber-risk profile, most notably in the following areas:
- An organization’s overall financial exposure to cyberattacks
- A view of the cyber threats most likely to cause financial losses to a business
- Insights on mitigation strategy most effective in reducing financial losses
- How to align cybersecurity investments with risk transfer/cyber insurance, including “stress testing” existing policies across a range of potential cyber-risk scenarios.
“NACD is providing this service to its members at a critical time, as corporate directors face the escalating challenge of effectively overseeing the complex nature of how cyberattacks can disrupt business operations and result in material financial losses,” said Kevin Richards, president of Cyber Risk Services at SSIC. “The X-Analytics Cyber Risk Reporting Service replaces technology confusion and subjective metrics with understandable financial exposure analysis setting organizations on a path to achieve cyber resiliency.”
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