Are you unhappy with your Cyber Risk Reporting?
These are the reported areas that most executives say are problems with their current Cyber-Security Reporting
- Reports too technical
- Too many gaps
- Not enough information on top/key risks
- Unaware of recent incidents
- What counter-risk measures are taking place
- How do the risks translate into real issues CEO’s are concerned about: legal, financial risks
Information that you can trust and is relevant is key.
This is true whether we are talking about forecasting to make good business decisions or whether we are making and enforcing policy to mitigate loss. As business complexity increases and technology continues to dominate business processes it is more critical than ever to be on top of risks that are constantly poking around trying to discover a vulnerability. What should you be looking for in your Cyber Risk reports? Here are 6 areas of reporting you should demand from your staff or service.
Your Cyber Risk Reporting should be easy to understand
A major problem in Cyber Risk reporting are reports that are mired in technical language. In one survey, more than half of executive respondents said cybersecurity reporting was too technical for their purposes. The problem with a report that is too technical is that it will not translate well into action. “What do I do with this?” cannot be your response to a report. That will be your response if the report is understandable only to the person who wrote it. Problems should be clearly dileneated with options for solving the problem.
Your Cyber Risk Reporting should not have gaps
Many companies rely on a variety of reports from different sources to manage their cyber risk. This patchwork approach leads to information that is hard to assess and even harder to prioritize. With this kind of system not only is prioritization a problem, but the very existence of problems is now at stake. What is missing from the reporting? What are the connections I need to make? With incomplete, unreliable, and inconsistent data, decision making becomes impossible.
Your Cyber Risk Reporting should contain recent incidents
Time sensitive reporting helps in mitigating risk. Data mining, Phishing attacks, trojan horses may have long term intentions, but discovering these attacks early greatly reduces loss. Rigorous analysis protects top assets effectively. A system that evaluates regularly and is up to date is essential in any risk analysis.
Your Cyber Risk Reporting should show what counter-risk measures are taking place
Identifying problems is a good start but possible solutions should be made evident. The effectiveness of solutions is as important if not more vital than the identification of the problem. Decision making is enhanced when readily available solution options are provided along with cost analysis and effectiveness.
Your Cyber Risk Reporting should translate into real issues CEO’s are concerned about
What are the legal and financial risks that are raised by the vulnerabilities exposed? Providing CEO’s with the information they are concerned about helps them to focus on their unique obligations.
HBCG has the resources and team you need to get the reports and information you need to stay ahead of the dangers posed in the cyber world. Contact me today and I will give you a full rundown of what we can do for your company.
snessen@hbllp.com
