You've worked hard all year to prioritize your organization's resources to tackle the riskiest vulnerabilities in your cybersecurity program. But when you bring your progress to the board of directors, excited to demonstrate your success, your reports about patched network configurations, DNS configurations, botnet sinkholes, and more are met with blank stares.
We are excited to announce the availability of the Moody’s Investor Services 2022 Cyber Risk Outlook. The report, which leverages data provided by BitSight, outlines factors shaping the landscape for cyber risk in 2022. BitSight is proud to partner with Moody’s on this important research.
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.
According to a Cybersecurity Ventures report, global cybercrime costs are expected to grow by 15% per year over the next five years — reaching $10.5 trillion USD annually by 2025. In light of this evolving threat environment and recent widespread security events, today’s cybersecurity leaders are under more pressure than ever to prove that their investments in their programs are actually paying off.
Now more than ever before, it’s critical to build a strategic security performance management program in which you take a risk-based, outcome-driven approach to measuring, monitoring, managing, and reporting on your organization’s cybersecurity program performance over time. Of course, in order to do so, you need an easily understandable framework through which you can conduct a cyber risk analysis and lead meaningful conversations on the business impact of your organization’s risk exposure.
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.