Posted on Jul 8, 2019
You’ve invested in cyber security, but are you tracking your efforts? Are you tracking metrics and KPIs? If you’re not, you’re not alone.
A report by PwC found that just 22 percent of chief executives believe that their risk exposure data is comprehensive enough to inform their decisions. This statistic has remained unchanged for the past 10 years. Other recent reports back this up — a report by EY shows that 36 percent of organizations in the financial services sector are worried about “non-existent or very immature” metrics and reporting when it comes to cyber security efforts.
These are organizations that, in some cases, have spent millions on cyber security for the sake of compliance. However, they are not maximizing their infosec investment by measuring their efforts.
You can’t manage what you can’t measure. And you can’t measure your security if you’re not tracking specific cyber security KPIs. Cyber security benchmarking is an important way of keeping tabs on your security efforts. You need to be tracking cyber security metrics for two important reasons:
You need cyber security benchmarking that tells a story, especially when you’re giving a report to your non-technical colleagues. The KPIs you choose should be clear, relevant, and give a full picture of your organization’s cyber security.
You may also need to choose benchmarks for your vendors and other third parties, who have access to your networks and can expose your organization to risk.
Below are some examples of clear metrics you can track and easily present to your business stakeholders.
There is no hard and fast list of the cyber security KPIs and KRIs all businesses should be tracking. The metrics you choose will depend, in large part, on your organization’s needs and its appetite for risk.
That said, you will want to choose metrics that are clear to anyone who looks at your reporting. A good rule of thumb is this: your business-side colleagues should be able to understand them without having to call you for an explanation. So, you’ll want to avoid squishy KPIs — metrics that might have a large margin for error — or esoteric metrics that don’t make sense to your business-side colleagues.
You may want to track a combination of different sorts metrics: technical security metrics, recovery metrics like backups, and non-technical metrics, like employee security training.
Lastly, and most importantly, your cyber security benchmarking should communicate something important about your organization’s security to business leaders.
SecurityScorecard’s security ratings allow you and your organization’s business stakeholders to enables users to continuously monitor the most important cyber security KPIs for your company and your third parties. The software automatically generates a recommended action plan when any issues are discovered and clearly shows your historical data.
By monitoring the cyberhealth of your extended enterprise, you’ll be able to collect data on your cyber security efforts and make informed security decisions in the future.
Check out our list of 3 top third party risk management (TPRM) challenges, and the actions you can take to bolster your program. Learn more.
Performing cybersecurity risk assessments is a key part of any organization’s information security management program. Read our guide.
Templates and vendor evaluations are needed to level that playing field, in a time efficient and fair way, so that the best vendors are chosen.
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