With the ever-increasing risk of cyber attacks dominating a CyberTech space that is evolving rapidly, how best can companies and CISO’s mitigate the danger?
As it stands, the number of attacks on the government sector is spiking massively, with an increase of 95% in the second half of 2022 compared to the same period in the previous year, as per Security Intelligence.
Research from the CMMI Institute also asserts that up to 87% of executive leaders lack confidence in their organisation’s level of cybersecurity.
This lack of knowledge, coupled with the rising tide of these cyber attacks mean that firm’s are now feeling the pressure to invest in tech that will both monitor and alleviate cyber risk.
But to do so effectively, organisations must be aware of the tenets required from these systems, if they are to be successful.
According to the report from Diligent, it is key that when building a comprehensive cybersecurity program, it’s important to tie the program in with your overall organisational goals, and therefore meet with your higher-ups to put together a comprehensive inventory of your security risks.
Following this, it’s time to look at the costs involved in mitigating them. Identify what resources you would need for support, as well as your technology and staffing requirements. But when doing this, it is important to consider ROI.
ROI is the phenomenon of balancing what you’ll spend on mitigating risk against the potential cost savings you’ll realise by lowering it. For instance, when considering ROI, you can point to cost-savings such as a reduced cybersecurity insurance premium when you have a strong program in place.
Once all of this has been determined, your organisation can then delve into choosing the right solution to manage your cyber risk initiatives.
When considering your choices, look for a platform that will integrate with existing systems, including your ERP solution and accounting software, so that you can collect and analyse all of your organisational data in one platform.
Your solution should also be accessible to your entire risk management team for seamless collaboration, so that they can share insights and support one another’s work.
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