Accurately addressing and fully understanding cyber risk is a persistent challenge for companies and a potential liability for boards.
According to the annual PwC Corporate Directors Survey, 49% of directors see cybersecurity as a significant oversight and challenge. Moreover, 85% of CISOs believe the board should offer clear guidance on organization’s risk tolerance for them to act on, according to the IANS State of the CISO 2024 Benchmark Report. Given the expansive threat landscape, (e.g., Distributed Denial of Service [DDoS] attacks and ransomware, among others), the executives responsible for cybersecurity protocols now face increasingly complex decisions when it comes to selecting enterprise security solutions.
Typically, this falls to the IT executive, who has to communicate and, worst case, defend these decisions to their teams, the board, or regulators. As senior business leaders become more engaged in cybersecurity measures, the need for a more practical and informed cybersecurity risk management capability is evident.
Cyber incidents can disrupt business operations, impair application and service availability, negatively impact revenue and critical services,…
