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HomeCII/OTMeasuring Cyber Risk Strategies for CFOs and Boards

Measuring Cyber Risk Strategies for CFOs and Boards

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In a recent interview conducted by Help Net Security, Mir Kashifuddin, Data Risk & Privacy Leader at PwC, delved into the topic of how Chief Information Security Officers (CISOs) can elevate their role within organizations by translating cyber risk into business value. He emphasized the significance of aligning cybersecurity initiatives with business objectives and leveraging data governance, AI, and financial risk quantification to drive resilience and growth.

Kashifuddin pointed out that CISOs often find themselves excluded from key business decisions, resulting in cybersecurity being overlooked as a driver of business value. By showcasing how secure data is integral to business operations and growth, CISOs can position themselves as enablers rather than mere gatekeepers. Implementing a robust data governance program and highlighting the relationship between cybersecurity practices and business efficiency can help CISOs secure a more strategic role within their organizations.

With the rise of artificial intelligence (AI), CISOs are also tasked with collaborating with peer organizations to identify and secure AI patterns across their organizations. This includes ensuring the protection of data pipelines and access to Gen AI services, thereby mitigating potential risks associated with AI deployment.

When it comes to quantifying cyber risk for CFOs and board members, Kashifuddin emphasized the importance of presenting cyber threats in financial terms. By utilizing advanced data analytics and AI, organizations can assess the potential financial impact of cyber threats, allowing leadership to make informed decisions regarding cybersecurity investments. Implementing a data governance framework further aids in this process by providing a clear understanding of data assets and associated risks.

Furthermore, Kashifuddin highlighted the competitive advantage businesses can gain by enhancing their cyber risk maturity. Strong cybersecurity programs not only protect organizations from major breaches but also impact customer trust, brand reputation, and investor attraction. By prioritizing cybersecurity spending on data protection and cloud security, organizations can maximize the value of their security investments and enhance operational efficiency.

In terms of embedding resilience across business functions, Kashifuddin stressed the importance of taking a holistic approach that integrates cybersecurity into every aspect of the organization. This includes establishing cross-functional data governance teams, developing comprehensive data protection programs, and promoting a culture of continuous improvement to adapt to emerging threats effectively.

Overall, Kashifuddin’s insights shed light on the crucial role that CISOs play in translating cyber risk into business value and securing a more strategic seat at the table within their organizations. By aligning cybersecurity with business objectives and adopting innovative approaches to risk quantification, CISOs can drive resilience, growth, and competitive advantage in an increasingly digitized business landscape.

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