The Customer

‍

A key player in the private equity industry, our customer is a New York-based firm with a formidable presence. This privately held company, managing over $100 billion in assets and employing more than 500 professionals, reflects the dynamic and complex nature of today's private equity landscape. Its extensive portfolio, covering a range of companies across various sectors, demands a highly scalable approach to cyber risk management. The firm's commitment to safeguarding its investments and fostering the resilience and success of its diverse portfolio is paramount, particularly in an environment where cyber threats constantly evolve and present ongoing challenges.

‍

The Challenge

‍

The firm's Chief Information Security Officer (CISO) faced a complex challenge: to develop a global, consolidated view of risk and risk mitigation priorities suitable for a diverse global portfolio. This task extended beyond the mere implementation of a new system; it involved instilling a culture of cyber resilience and establishing a common language for cyber risk that was understandable at all organizational levels. A critical aspect of the CISO’s role was understanding each portfolio company's cyber capabilities and developing structured activities to improve the cyber program continually.

The firm sought a solution that would serve as a "single source of truth" for cyber risk governance, accessible and actionable for both the leadership of the private equity firm and the management teams of its portfolio companies. Given the ever-changing and unpredictable nature of cyber threats, the solution needed to provide real-time insights into the portfolio's cyber posture, coupled with clear, actionable steps for ongoing enhancement of the firm's cyber defense strategy. This comprehensive approach was essential to ensure effective tracking and management of cyber risks over time, maintaining the firm's robust security posture amidst a dynamic cyber threat landscape.

‍

The Solution

The firm found a solution to its cyber governance challenges in X-Analytics, a cyber risk analysis and reporting platform known for its comprehensive and business-centric approach. X-Analytics provided a robust foundation for advanced cyber risk governance, applicable across the firm's global portfolio. This solution enabled portfolio companies to track their progress in cyber control priorities effectively while also allowing them to highlight the business value of their cybersecurity activities.

Crucially, X-Analytics brought about a significant shift in business awareness regarding cyber risk. It facilitated this change through its integration into high-level discussions, such as quarterly Board meetings and other governance forums. In these settings, X-Analytics offered insights that were instrumental in demonstrating the progress of cybersecurity programs and identifying areas that required more attention. This strategic use of X-Analytics ensured that cyber risk was not just a technical concern but a core business consideration, aligning with the firm's broader objectives and decision-making processes.

‍

The Result

‍

The deployment of X-Analytics was a turning point in the firm's approach to managing cyber risks. This tool enabled a unified and thorough approach to cyber risk governance across the firm's global portfolio, significantly enhancing its ability to manage cyber risks in a cohesive and integrated manner. The firm achieved greater transparency and control over the cyber posture of its portfolio companies, facilitating more informed and strategic decision-making.

Implementing X-Analytics was instrumental in deepening the understanding of cyber risks at the board level, ensuring cybersecurity became a central component of the firm’s overall risk management strategy. The comprehensive value X-Analytics brought to the firm, not only in risk management but also in empowering portfolio companies, enabled our customer to engage in and improve their cybersecurity measures actively. The insights provided by X-Analytics played a key role in promoting business awareness of cyber risks, especially during critical governance forums, contributing to a more dynamic and responsive cyber risk governance approach.