Report to the Board Effectively With Financial Quantification

Sibel Bagcilar | June 2, 2021 | tag: Security Performance Management

As the digital transformation of enterprises continues to accelerate, cyber risk remains a top concern for business leaders. But cyber risk is often thought about in technical terms as opposed to business terms — making it more important than ever for security leaders to educate their board and other non-technical stakeholders on what cyber risk really means to their organization. 

This is where financial quantification can have a huge impact, empowering security leaders to build the necessary business context with data-driven metrics that indicate cyber risk exposure. By presenting these types of security performance findings and cyber liability insights in context, security leaders can provide the board and other stakeholders with the data they need to make more informed security investment decisions.

Bridge the gap between security and the business


In today’s ever-evolving business climate, organizations need to regularly reassess their project portfolio to ensure they’re protecting shareholder capital while remaining relevant and effective. As the risk profile of an organization frequently changes, the ability to make quick, data-driven decisions is more important than ever before. Mature, strategic security performance management programs benefit the enterprise by quantifying the organization's risk profile and cyber liability in a language that makes sense to the business: in terms of financial impact.

BitSight’s Financial Quantification for Enterprise Cyber Risk empowers you to calculate and assess your organization's financial exposure to cyber risk faster and easier than ever before. Powered by Kovrr’s proven models developed for cyber insurance, this offering measures different categories of potential loss — combining the results to deliver the industry’s most comprehensive analysis.

This financially quantified view of an organization’s cyber risk changes how cybersecurity is discussed across the organization and at the board level. Now an organization’s board, non-technical stakeholders, the Chief Risk Officer, and other risk management leaders can all better understand and evaluate security programs and cyber risk in financial terms. 

Report on cyber liability and risk with financial context


As cyber risk continues to increase, more and more boardroom conversations are focused on cybersecurity program performance. Business leaders want to learn more about the risks they face, but traditional scorecards or point-in-time snapshots are incomplete. These conditions make it challenging for stakeholders to connect cybersecurity data to real business risk.

With the BitSight Financial Quantification, you can transform the technical side of cybersecurity into financial language — aligning cyber risk conversations with how other types of risk are discussed and quantifying it like other initiatives that receive funding. By leveraging this framework to speak the same language as the board and provide the necessary business context, you can guide strategic conversations around managing your cyber risk, prioritizing new technology investments, and measuring the ROI of those investments in specific controls or programs. 

As the BitSight Financial Quantification enables you to quantify your risk over time, it’s easier than ever to demonstrate the impact and effectiveness of your efforts by measuring how your financial exposure changes as you invest in controls to improve your security posture. Ultimately, this greater understanding of cyber risk at the board level strengthens leadership’s ability to deliver better and more secure business outcomes for your investors, business partners, and customers.

Speak the same language as the board


By quantifying cyber risk financially, you can establish a common language through which to assess the gaps in your security program and lead meaningful conversations on the business impact of different cyber scenarios and investments with the board. This empowers your organization to make more informed decisions about which risks to accept, mitigate, or transfer.

Interested in learning more about how BitSight’s Financial Quantification empowers you to gain a seat at the organizational risk management table? Check out our ebook, Establishing a Universal Understanding of Cyber Risk With Financial Quantification.

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