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There was a time when the role of a CISO centered entirely around protecting their business from cyber threats and managing the business's cyber risk. They operated independently, struggled to obtain budgets and were quite misunderstood by the wider business.
Over the years, CISOs have successfully evolved their role in the business and become a key part of the management suite. In doing so, they have ensured that cybersecurity is on every boardroom agenda and that cybersecurity is a priority for business leaders. In Q2, the NACD reported that cybersecurity was top of the agenda for 50% of boards.
While they have taken great strides in the right direction, there is still work to be done for CISOs. To continue on this positive trajectory of elevating the role of cybersecurity within the business, they need to ensure their goals and program are fully aligned with the needs and objectives of the wider business. Here is how successful CISOs are approaching this next phase in their careers.
The first step CISOs need to take to align cybersecurity with the wider business is adopting a data-driven approach. The reality is that as cyber threats have evolved, so too has the technology available to manage cyber risk. This has resulted in businesses spending more than ever before on cybersecurity. Despite this, some estimates suggest that cybercrime costs will reach $10.5 trillion annually by 2025, up from $3 trillion USD in 2015. The core issue here is simple: businesses aren’t spending their cybersecurity budget in the areas that actually move the needle and reduce their financial exposure.
This is why a data-driven approach is critical. Firstly, CISOs need to look at reliable, accessible cybersecurity data. From there, they can allocate resources to the risks that pose the greatest threat to the business. The next step is to effectively communicate their priorities with business leaders and ensure that these are aligned with wider business goals. To support CISOs with this, we have written our guide to developing and communicating a data-driven cyber risk management lifecycle.
Adopting a data-driven approach to cybersecurity not only ensures that cybersecurity programs are focused on the threats that pose the greatest business risk, but it also gives CISOs a basis for effective communication with business leaders. As cybersecurity budgets increase, the board and C-Suite are looking for assurances that there will be a tangible return on their investment. This is why having access to the right insights, in a format and language that business leaders can understand and care about is critical.
X-Analytics supports CISOs by giving them access to the data and insights they need, presented through a business lens and at their fingertips. This enables CISOs to effectively plan and prioritize their cyber risk management strategy in line with a business-first approach.
The next step for CISOs is ensuring that they are effectively communicating the business value of cybersecurity to the C-Suite and board. Broadly, this involves ensuring they aren’t using overly technical language, speaking in business terms (E.g. monetary terms) and emphasizing how their cybersecurity program is enabling business success.
One successful approach is understanding what each member of the management suite needs from their CISO to recognize the business value of cybersecurity and leading with this in conversations. Here are some tailored approaches a CISO may take:
The common denominator across all of these roles is that they aren’t looking for technical details. They want to know how the CISO and the cybersecurity program are enabling success for their specific part of the business.
X-Analytics arms CISOs with the information they need to effectively communicate with other business leaders in ways they understand. It highlights the impact that cybersecurity has on other parts of the business, from demonstrating ROI and enabling business growth, to evaluating supply chain risk and risk associated with
business processes.
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Once effective communication strategies are in place, CISOs and business leaders can adopt a collaborative approach, aligning cybersecurity goals with broader business objectives
By leveraging insights from a data-driven approach and X-Analytics, CISOs can develop a cyber risk management strategy that fulfills both cybersecurity and business goals.
This alignment ensures key stakeholders understand the business value delivered by the cybersecurity program, fostering a unified leadership team working towards common objectives.
Success is evident when the perception of cybersecurity within the organization begins to shift. When business leaders view cybersecurity as an enabler of growth rather than a necessary expense, it marks a significant achievement for both the business and the CISO.
X-Analytics empowers CISOs to adopt a data-driven approach, communicate the business value of their strategies, and align their goals with broader business objectives. It is a driving force behind the successful journey of a business-aligned CISO.
CISOs have made significant strides in recent years, securing a place for cybersecurity on the board agenda and highlighting its importance to the business. They now have the opportunity to shift the perception of cybersecurity and achieve true success. This hinges on their ability to effectively communicate cybersecurity's business value to the C-suite and the board.
X-Analytics enables CISOs to access cybersecurity data in a business-significant format. With these insights, they can engage in collaborative discussions with business leaders, aligning their cyber strategy with company objectives.
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