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Reporting to Stakeholders

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

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The Importance of Stakeholder Buy-In for Cybersecurity Initiatives

Reporting to the board and key stakeholders can be difficult when speaking in complex cyber terms. Watch the video to learn how CRQ facilitates these necessary discussions!

Obtaining Executive Support

As cyber risk management emerges as a high-level business function, key stakeholders must be involved in the relevant discussions, allowing them to understand how cyber mitigation can provide cross-departmental value. The modern-day CISO, therefore, must leverage the solutions available to translate the value of cyber into a language all stakeholders understand and garner the necessary support. 

Tailoring Risk Communications

In the past, cybersecurity has been conspicuously absent from board meetings and, if present at all, widely misunderstood due to cybersecurity’s complex nature. However, by leveraging a cyber risk quantification solution, cyber risk managers can translate these complexities into broader business terms, enabling meaningful stakeholder engagement. Once everyone understands the context, decision-making is more straightforward.

Aligning Broader and Cyber Goals

Once everyone tangibly understands the risk cyber activities pose to the business and the potential value of cybersecurity mitigation initiatives, leadership teams can begin to align cyber management strategies with broader goals, such as revenue generation. With the common language provided by CRQ, these stakeholders can develop creative solutions to ensure cyber resilience and enable growth simultaneously. 

Demonstrating Mitigation ROI

Another key strategy to leverage is demonstrating the ROI of various cybersecurity initiatives. With a financial cyber risk assessment, CISO can quickly determine how much a specific security upgrade would reduce the organization’s financial exposure. Comparing this metric to the cost of implementation, CISOs can then present their findings to the board, who almost always appreciate positive returns.

Building Company-Wide Trust

Fostering transparency when reporting cybersecurity matters not only leads to executive buy-in but also helps to create a sense of shared responsibility. Likewise, it signals to non-technical colleagues that, rather than being the department of “no,” cybersecurity exists to help others succeed in their respective roles. With the common language provided by CRQ, this concept is much more easily understood.

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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?

How does cyber risk quantification enhance high-level reporting?

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

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

Effective Stakeholder Reporting. High-End Resilience.

While communicating with non-technical stakeholders and board members can prove challenging, it can be made easier by leveraging CRQ. Reach out to one of Kovrr’s cyber risk experts today and learn how to improve the reporting process.

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