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RAPPORT

The value of visibility

Cybersecurity risk management examination

Welcome to the "new normal".  

Cyberattacks are inevitable. In fact, it’s no longer a question of “if” a breach will occur but “when.” Cybercriminals are becoming more sophisticated and the cost of cybercrime is becoming increasingly intolerable. And stakeholders— including boards, regulators, investors, analysts, business partners, and customers—expect greater visibility into an organization’s cybersecurity risk management program. Taking a cursory look at what your organization is doing today to guard against cyberattacks is no longer enough to prove the readiness of your program and the effectiveness of your controls and processes

That alone should be reason enough to act. But taking a proactive approach to cyber preparedness offers additional benefits beyond providing stakeholders with reasonable assurance that your risk management program is both designed appropriately and operating effectively. It's a means to help your stakeholders gain confidece and improve business performance as well. 

Implementing a sound cybersecurity risk management program is essential to protecting your brand. It’s also critical for advancing your brand in the marketplace by empowering executives, including boards and audit committees, to make better informed and strategic decisions. Such a program can give your organization a jump in addressing mounting regulatory requirements regarding cybersecurity risk management reporting. (See the sidebar, “Regulation on the horizon.”)

In short, when it comes to evaluating and reporting on your organization’s cybersecurity risk management program and related controls, greater transparency and uniformity is becoming “the new normal.”

 

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