May 18, 2023
While the frequency and sophistication of cyber threats increases, the attention starts to shift to the lack of comprehensive sensitive data landscape and potential financial impact to the organization.
To inform strategic oversight, Executive and Board leaders need to understand the types of sensitive data the company collects, processes, and stores, as well as the risks associated with each type of data.
This might include personally identifiable information (PII) such as names, addresses, and social security numbers; financial data such as credit card numbers and bank account information; and confidential business information such as trade secrets and intellectual property.
It’s also important to outline the company’s current data security practices and any gaps or vulnerabilities that need to be addressed.
Recognizing the strong correlation between cybersecurity and business health, executive leadership also focuses on understanding and managing cyber risks through effective risk management and governance practices.
They want to see risk and security financial impact (Is it a $200,000 risk or a $25 million risk?) and the likelihood of damage (What is the probability of getting hacked?).
Cyber risk quantification, which is the process of assessing and measuring cyber risks in financial terms, addresses these needs, helping organizations to:
- Improve decision-making – With a keen understanding of the potential financial impact of cyber risks, executives can make better-informed decisions about cybersecurity investments and risk mitigation strategies.
- Communicate risks more meaningfully – Provide a common language for discussing cyber risks with stakeholders, including executives, boards, regulators, investors, and insurers.
- Enhance risks prioritization – Better prioritize remediation efforts based on their potential financial impact, which can help focus limited resources on the most critical risks.
- Comply with data privacy and security guidelines – Demonstrate compliance and quickly spotlight pockets of risk in your compliance posture.
- Increase accountability – Financial metrics establish accountability for cyber risks at the executive and board level, which can encourage more proactive management of these risks.
- Better track progress – Actionable insights can concretely measure the impact of your team’s operational and privacy security efforts, demonstrate ROI, and support financial business cases for new initiatives
How to Spotlight Your Sensitive Data Risk
This is where Spiron SPIglass Sensitive Data Risk Dashboard comes in! The new dashboard provides common language for discussing sensitive data risks with stakeholders and empowering executives to make better-informed decisions.
The SPIglass dashboard meets the needs of security teams for more comprehensive and quantifiable reporting of sensitive data risks to the board.
Traditionally, cyber risk reporting has focused on technical metrics such as the number of vulnerabilities or incidents. While these metrics are still important, they don’t necessarily convey the financial impact of a data breach or the likelihood of exposure.
Built upon the Spirion Sensitive Data Platform® (SDP), SPIglass gives views into the financial or ordinal impact that allows organizations to accurately understand, measure, and balance inherent risks within their respective teams. It pulls this essential information from SDP.
The SaaS-based solution discovers, classifies, and protects sensitive data across your IT landscape — in unstructured and structured data formats, in the Cloud, on premises, and even residing in endpoints like employee laptops or local file shares.
SPIglass uses patent pending SDV3® risk scoring to provide a more accurate assessment of the potential costs of data exfiltration based on the three primary characteristics of sensitive data risk: value, volume, and vulnerability.
This enables executives to better understand the financial impact of cyber risks and prioritize risk mitigation strategies accordingly.
In addition to helping organizations prioritize risk mitigation strategies, SPIglass also helps you to comply with data privacy and security guidelines. By providing a comprehensive view of your organization’s sensitive data landscape, executives can quickly identify areas of non-compliance and take action to remedy them. This is particularly important given the increasing regulatory scrutiny of data privacy practices.
How to Gain Actionable Insights
Don’t struggle to understand and communicate your organization’s sensitive data risks.
Spirion’s SPIglass dashboard provides actionable insights into potential cyber risks related to sensitive data, enables organizations to prioritize risk mitigation strategies, and comply with data privacy and security guidelines.
As cyber threats continue to evolve, it’s essential your organization has the tools you need to protect sensitive data and make informed decisions about cyber risks.