As cybersecurity attacks become more prevalent across all sectors, we have seen that many companies are inadequately equipped to handle major risks. In tandem, senior management and company boards have heightened concern for cybersecurity and wish to be more involved in related discussions, as they now recognize cybersecurity as a significant threat to their businesses. Risk oversight is a crucial function of an organization’s board in a continuously evolving landscape, so board members must improve practices to establish an impactful and well-defined oversight function. They want to know that they are making valuable investments in cybersecurity and also understand that cybersecurity activities are progressing in a way that is understandable to them as non-technical stakeholders. Development activities related to IT implementation, cloud computing, big data, cyber risk, and other tech matters can compromise sensitive information and have consequential effects on an organization’s business processes. A chief information security officer (CISO) must take into account all of the above when managing cybersecurity on a day-to-day basis and understanding how to report to senior management.
Wavestone US consultants work with CISOs from a plethora of industries to help tackle these challenges. We use a combination of globally recognized frameworks such as the International Organization for Standardization, National Institute of Standards and Technology, and Center for Internet Security to benchmark an organization’s current structure, identify all critical gaps the organization faces, and implement effective processes to manage BAU operations. Using this newly implemented framework, we create smarter reports that effectively communicate the business-centric risks to senior stakeholders. Our approach applies the “kill chain” methodology and consists of:
- Mapping the company’s key business activities and components
- Identifying cyber threat scenarios for critical business units
- Assessing the current security maturity regarding pre-identified inherent risks and enforced controls
- Defining a multi-annual cybersecurity roadmap driven by the business’ major stakes and risk
Through this proven methodology, we can help build a bridge, linking both business and technology to mitigate the risks faced in an ever-changing IT landscape.