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Top 4 Risk Management Mistakes Made by CISOs 

Let’s face it – we are well into the digital age. In fact, over 60% of corporate data worldwide is stored in the cloud. Due to this major shift in how organizations operate and where employees store their work, business leaders have been forced to take a hard look at their risk management plans. As cyber-attacks continue to hit organizations left and right, many business leaders have begun making cybersecurity a top priority. According to the 2021 Global Technology Risk Report, the top three biggest risks are as follows: data security & privacy, digital business interruption, and IT resilience. Coincidentally, these are also the top three risks that are expected to grow in complexity. 

Despite strategic efforts to strengthen their security posture, many organizations have still faced issues, or worse, fallen victim to a cyber-attack. In fact, as of 2021, we have seen a triple digit increase in cyber-attack incident volume year over year. If that statistic alone doesn’t raise any concern, then the following one most certainly will… According to the World Economic Forum’s 2022 Global Cybersecurity Outlook Report, only 17% of cyber leaders are confident in their organization’s cyber resilience.  

Two visual statistic graphics depicting a 125% increase in cyber attacks year over year and only 17% of cyber leaders are confident in their cyber resiliency

Now that we’ve painted a bit of a picture of what the current threat landscape looks like, let’s take a look at the top 4 mistakes that CISOs still make and how they can improve their organization’s resiliency in the future.  

1. They Fail to Align Business with Security 

This is something that many CISOs struggle with. The mistake that is commonly made is that their scope is too narrow. Many solely focus on measuring technical exposures and vulnerabilities rather than measuring the overall impact of business. It is important that CISOs connect these risks with business objectives and other factors the organization prioritizes to help people understand why these risks matter, how it can impact them, and what needs to be done. Without mutual understanding, it can be very difficult to achieve a strong security posture. 

2. They Lack Visibility 

It is very common for CISOs to lack visibility into their organization’s environment, primarily due to shadow IT. Because they lack awareness of what assets, third-party suppliers, and applications are being used across the organization, it can be quite difficult for CISOs to accurately assess risk. As a result, it makes risk much harder to manage. With that said, gaining visibility is much easier said than done. Doing so takes a lot of collaboration and restructuring to develop mature governance. However, the end result will always be worth it. To learn more about how governance can help combat the security risks of shadow IT, click here

3. They Focus Too Much on Frameworks 

While regulatory and compliance frameworks are a critical part of risk management, sometimes focusing too much on the framework can cause CISOs to turn a blind eye to their organization’s unique needs. Doing so can result in overlooked security gaps and a misalignment of business and security. At Bravo, we specialize in cybersecurity and compliance and strive to streamline compliance while also addressing these unique needs. Fill out the form below to learn how we can help! 

4. They View All Threats as Equal 

It is unrealistic and dangerous to assume that all threats have equal impact and likelihood of occurring. Trying to address them all at once can spread your resources thin and weaken your ability to mitigate the risks that are most likely to occur. It is important to assess your organization and set priorities to help form a targeted plan that can effectively combat the risks that are at the forefront of your organization. Our cybersecurity experts at Bravo can help identify your biggest threats, draw up an incident response game plan, and implement technical controls to harden your environment. To learn more, fill out the form below. 

Wrap Up 

Building up an organization’s cyber resiliency does not happen overnight, however, you need to start somewhere. If your organization is guilty of any of the four common mistakes mentioned above, these are great places for you to start to implement change. If you need any help identifying security gaps, hardening your environment, or improving your governance, Bravo has your back! 

Bravo is your one stop shop for all your cybersecurity needs! Fill out the form below to get in touch with one of our cybersecurity experts. 

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