Managing , mitigating and measuring risk objectively is the fundamental shift required , and this comes with the knowledge of an enterprise ’ s breach likelihood .
Cybersecurity can also be simplified using technology that already exists . The fundamental element of react to threats . Be it the possibility of a breach through ransomware , cloud misconfigurations or business email compromise , breach likelihood gives an as-is metric for cyber-risks and a means to prioritize vulnerabilities .
This simplifies the understanding and management of cybersecurity . FIs willing to invest in methods that simplify cybersecurity can begin with :
• Stepping away from a compliance-only qualitative approach to ensure no vectors – people , processes , technology or cybersecurity products for both first and third parties – go unaddressed .
ABOUT THE AUTHOR cybersecurity is as basic as knowing the enterprise breach likelihood that can be calculated from enterprise-wide signals .
Breach likelihood prediction in the banking sector shifts power to the cybersecurity team and the organization , enabling them to prevent rather than
Saket Modi is the Co-founder John Chambers , Safe Security and CEO of Safe Security , a protects the digital infrastructure Cybersecurity and Digital Business of multiple Fortune 500 companies Risk Quantification platform around the world with its cyberrisk measurement and mitigation company . A computer science engineer by education , he founded platform called SAFE . Modi is a part Safe Security in 2012 while in his of Fortune Magazine ’ s 40-under-40 , final year of engineering . Incubated Entrepreneur Magazine ’ s in IIT Bombay and backed by
35-under-35 , Forbes Magazine ’ s Cisco ’ s former Chairman and CEO , 30-under-30 lists , among others .
• Consolidating reports from all cybersecurity products / services to a single dashboard . This will help security and risk management teams prioritize risks across the enterprise in a single view .
• Measuring their cyber-risk posture in its as-is state . They either accept the risk and improve their risk posture by purchasing cyber insurances , accept the risk and forgo any changes , especially when the investment required to mitigate the risk is larger than its dollar value impact , or mitigate the vulnerabilities by defining their cyber-risk appetite and cyber-risk tolerance .
To date , the fundamental approach of securing any business has been reactive . Investments in cybersecurity have historically maintained a check-the-box approach to meet compliance and audit requirements . There are many distractions and abstractions surrounding cybersecurity , especially when it is a qualitative analysis . Once the foundation is solid with an industry-wide breach likelihood adoption , cybersecurity will become a solution rather than a problem that security executives perceive as right now . p
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