Revamp how cyber value is reported to the boardroom. | CybSec Wizard

Cyber Security Wizard

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Cyber Security Wizard

TL;DR:

Only 12% of US Fortune 500 companies have board members with cybersecurity expertise, highlighting a significant gap in the broader market.
Boards are increasingly seeking updates on cyber risks, pushing CISOs to communicate effectively to bridge the gap.

Cybersecurity expertise is lacking in the boardroom, with only 12% of US Fortune 500 companies having board members with cybersecurity knowledge. The technical complexities and niche terminologies surrounding cyber risk management have led high-level stakeholders to view it as a resource drain. However, as the average cost of cyber events rises, board members are showing more interest in engaging with their CISOs and understanding the organization’s cyber risk posture.

To effectively communicate the cyber risk landscape to the board, CISOs need to invest in storytelling skills, leveraging tactics like analogies and metaphors to make cyber concepts more tangible. Cyber Risk Quantification (CRQ) can help translate cyber risk into financial terms, enabling non-technical stakeholders to understand the business benefits of investing in cybersecurity. Regular one-on-one meetings with other C-suite colleagues can also improve communication strategies and build trust, ensuring cybersecurity is integrated into the decision-making process.

By honing their storytelling skills and adopting various communication strategies, CISOs can effectively convey the value of cybersecurity to the board, leading to optimized resource allocation and a stronger cybersecurity program.

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Adrian Johnson

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