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It’s Time to Make Risk Quantification an Organizational Priority

Translating security risks into dollars.
H. Michael Burgett
Contributing Writer

As organizations continue to expand their digital footprint with company-owned assets rich in sensitive data, the onus on technology leaders like CIOs, CISOs, and their teams becomes increasingly critical. These digital repositories, laden with data from employees, customers, and vendors, are attractive targets for cybercriminals, elevating the organizational stakes for an effective Information Technology Risk Management (ITRM) program.

AuditBoard recently released Scaling ITRM , a comprehensive resource that delves into the intricacies of IT Risk Management for technology leaders and their peers in the C-suite. The guide is a must-read for any executive navigating the complexities of digital transformation and risk. It offers invaluable insights into the language of Risk Quantification which is crucial for making informed decisions and securing executive support for necessary investments in information security.

Why it matters: Many technology leaders find it challenging to secure support from their executive peers for the necessary investments in a robust ITRM program. The hurdle frequently arises from a gap in understanding the stakes involved or from difficulties in articulating those risks in tangible terms. This is where Risk Quantification comes into play by translating IT security risks into quantifiable financial impacts on the business in terms of a dollar value.

  • As organizations rapidly integrate emerging technologies like AI, RPA, and cloud-based applications, the role of InfoSec teams becomes increasingly vital. These technologies not only offer operational advantages but also come with the added responsibility of safeguarding sensitive data, which are attractive targets for cyber threats.
  • Convincing executive leadership to invest in comprehensive IT risk management is often a nuanced challenge. The issue often stems from a disconnect in fully grasping the threat landscape or the complexities involved in putting those risks into terms that resonate with business leaders.
  • Centralizing IT systems data into a unified, cloud-based platform offers a significant boost to efforts aimed at quantifying risks. This centralized approach empowers InfoSec teams to act more nimbly, make data-driven decisions, and expedite the implementation of mitigation measures.
  • The practice of Risk Quantification acts as a vital communication tool that links the technical expertise of InfoSec teams with the strategic focus of business executives. It simplifies the complex nature of technical risks by converting them into financial metrics, thereby facilitating the allocation of resources to address urgent security concerns.

Go Deeper —> Scaling ITRM: The Promise and Challenges of Risk Quantification – AuditBoard.

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