The Business Case For Cyber Risk Management - RiskXchange

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2. Partners Community Resources Products Blog Events Partner deal registrations A business is never static; it is in constant evolution and growth. Similarities that it shares with the cyber landscape.  By now, in a world that has become more accustomed to the rapid development of new technology and one that is more aware of the risks that plague the industry, cyber risk management has become a necessity. A necessity that has, by and large, been accepted by managers of a business and those higher up in the organisational hierarchy. A cause for concern, however, is that businesses aren’t as swift to implement new risk management platforms and strategies as they are in embracing other innovations. This results in a lag between development and sustainable business frameworks. 

3. Partners Community Resources Products Blog Events Partner deal registrations Robust cyber risk management means a more secure digital landscape and a business ecosystem  Post-crisis, businesses have prioritised the development of a more resilient enterprise risk management plan. Key findings for the year 2021 show that 78% of respondersbelieve their companies have increased investment in cybersecurity over the past year.  82% of responders, however, also shared that this investment and the reconfiguration of company priorities was inspired by a data breach.  Recognising vulnerabilities and threats before they affect your company, at the pace at which they occur, is only possible through a powerful risk management solution.  The business case for greater investment and commitment to cybersecurity has never been stronger than it is today.

4. Partners Community Resources Products Blog Events Partner deal registrations A cause for concern, however, is that businesses aren’t as swift to implement new risk management platforms and strategies as they are in embracing other innovations. This results in a lag between development and sustainable business frameworks.  Today, businesses often fail to pay attention to their cybersecurity posture until after an attack has already taken place. By this point, as we all know, the damage is done. To combat the risks associated with the lack of up-to-date and effective cyber risk management, there is a need to establish a business case for doing so.  In this process, there are a few points to consider. 

5. Partners Community Resources Products Blog Events Partner deal registrations It’s important to not just present the facts and figures of what your cyber risk management process is capable of, but also put them in perspective for business decision-makers.  While data on how many potential attacks have been avoided and how many vulnerabilities have been shored up is important, it is equally important to contextualise this information.  For example, the number of phishing attacks that have been stopped in their tracks may not mean much by itself until you compare it to the numbers from previous years so that a pattern can emerge. 

6. 168-172 Old Street, London, UK EC1V 9BP E-mail: support@riskxchange.co RiskXchange is a leader in cybersecurity ratings management We support over 100,000 organisations when it comes to enterprise and third party risk management.