Reporting to Stakeholders

Getting CRO, GRC, and CFO Buy-In for Cyber Initiatives

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Reporting to Stakeholders With CRQ FAQs

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Why are color-coded risk matrices an ineffective way to communicate cyber risk?

In the early days of corporate-level cybersecurity, cyber risk managers used color-coded risk matrices to condense the more complex aspects of cyber risks into a more approachable framework for board members. However, nowadays, these colorful heat maps are entirely too simplified, not providing the data-driven insights boards required for budget planning and resource allocation. These stakeholders need tangible, outcome-driven metrics.

How does cyber risk quantification enhance high-level reporting?

Although executives and other key business stakeholders typically have a limited background in cyber risk, they conversely have extensive experience in fiscal planning based on a company's potential financial loss. By translating this technical business risk into more familiar terms, board members and senior management are readily equipped to discuss these important cyber matters and, subsequently, utilize the information provided to create strategies that cost-effectively bolster business resiliency.

Is it okay to report technically oriented metrics to key stakeholders?

When communicating metrics, it's always important to consider the audience and their respective knowledge. Therefore, even impressive, technically oriented KPIs may not deliver the intended effect. If you still want to include these metrics in your board and stakeholder reports, make sure to demonstrate how they tangibly impact the business in financial terms, allowing your audience to understand in full. Kovrr provides a free, customizable board reporting template that was designed to help you present the metrics that matter in the boardroom.

Are my organization’s executive stakeholders interested in third-party cyber risk?

Yes, very much so. Relationships with third-party service providers have the potential to leave your organization open to a slew of cyber-related vulnerabilities, which executives need to account for when developing strategies for the upcoming year. With cyber risk quantification platforms like Kovrr's, these stakeholders readily understand the company's financial exposure due to various third-party service provider connections and can invest in the necessary action plans to mitigate this risk.

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