The interest from executives is there: with the recent SolarWinds breach, and continued hacking attempts on organizations involved in the COVD-19 pandemic, cybersecurity has never been asked about more by company management and the board of executives. No organization wants to be vulnerable, but many leadership teams don’t know where to target their efforts.
Narrowing down the pieces of enterprise risk management into three, more manageable sections can help security and risk teams find what’s missing from their programs, and begin directing executive leadership, as well as their budget, towards the area of risk management that needs the most work. In this blog, we break it down by the team, techniques, and tools driving your enterprise risk management program.
To follow best practices for enterprise risk management, your cybersecurity risk management team should consist of IT and cybersecurity professionals with defined responsibilities. The team should work closely with representatives from across the organization. This should include a Chief Information Security Officer (CISO), the CEO, board members, heads of departments, as well as key stakeholders from your vendors and partners. Keeping each of these stakeholders informed on how their individual role is related to and reliant on cybersecurity will ensure a well-rounded enterprise risk management program.
While the goal is gain support and open communication from each department within your organization, it might take more time and support from company leaders. The best you can do initially is to ensure everyone across all business units is following cybersecurity best practices, to protect their data, as well as the company network, including:
It’s important to define processes so your team can follow repeatable techniques throughout each stage of your enterprise risk management program. Many teams rely on manual, outdated techniques for managing cybersecurity risk that make it difficult to keep risk management under control. With the implementation of automated, data-driven techniques into your enterprise risk management program, it’s easier for your team members to all stay on the same page.
Following and repeating your enterprise risk management processes allows areas of risk to be managed the same way across each vendor, partner, or line of internal business. Consider the techniques your team uses in the following areas:
Last but not least, ensuring your enterprise risk management program is utilizing the right tools to take on risk from an organizational perspective is key to successful implementation. One of the most important areas to implement the proper tools is when communicating with the board of directors or executive team. Utilizing reports that summarize your program to promote decision making and proper allocation of resources will lead to a holistic company approach to cybersecurity. When your company leaders understand and care, it will create an organizational focus on cybersecurity, which is needed for effective enterprise risk management.
Cybersecurity teams also value the right tool for alerting them when a breach occurs on their network. Finding the right tool or software for this job can be key to quick remediation, but also unified communication across the organization.
Bringing your cybersecurity risk management into enterprise risk management will mature your organization to better handle the increasingly sophisticated threats of today’s world. With the three T’s of enterprise risk management, team, techniques, and tools, security and risk leaders can break down their program needs into smaller, more manageable steps.
To get started managing your cybersecurity risk, request an attack surface analytics report with BitSight.
There’s no question about it: Being exposed to cyber risk is an inevitable part of doing business in today’s world. In fact, a recent ESG study found that 82% of organizations believe that cyber risk has increased over the past two years.