How to evaluate enterprise risk appetite, Mike Riemer, Field CISO, Ivanti
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How do you determine your organization's risk appetite?
For both CISOs and all other executive stakeholders understanding your enterprise's risk appetite is crucial for success. When an organization knows how much risk it is willing to accept, it can pursue opportunities that align with its risk appetite while avoiding those that might expose it to undue risk. In this video, cybersecurity expert Mike Reimer explains how taking a data-driven, objective approach to risks elevates cybersecurity to a core business enabler.
For a deep dive into proactive risk management, see Ivanti’s research report Exposure Management: Transforming Cybersecurity from Subjective to Objective: ivanti.com/proactive-security.
The purpose of a risk appetite statement (RAS) is to clearly outline the company's strategic objectives and the risks associated with them. Therefore, cybersecurity leaders need to effectively communicate risk to business leadership and collaborate with other stakeholders to draft an effective risk appetite statement.
As Mike explains, your enterprise risk appetite statement should define priority levels for securing risk and exposures based on the impact and outcomes of different risk categories.
High-impact risks: The RAS should define the risks that would have the greatest impact on the organization, not everyday risks that are simply part of doing business. It should account for multiple risk scenarios; for example, a specific strategy may entail supply chain risk, such as the effects of being locked into a vendor or the dangers of regulatory exposure if a supplier mishandles customer data.
Financial impacts of risk: Beyond impact on security processes and operations, cybersecurity needs to understand the financial impacts and reputational impacts of risk using data and analytics to communicate risk to the C-suite in business terms.
By focusing on exposure management’s data-driven approach to risk management, leaders can objectively assess risk and reduce reliance on subjective judgment. By looking at the likelihood of a threat and its potential impact, security leaders can assess the cost of that risk using the language of business.
Learn more about how exposure management helps CISOs, and other cybersecurity leaders break elevate to a strategic business driver in the full research report at: ivanti.com/proactive-security.
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