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How do you prove the value of your security risk management?

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Security risk management is a vital process for any organization that handles sensitive data, systems, or assets. It helps you identify, analyze, and mitigate the potential threats and vulnerabilities that could compromise your confidentiality, integrity, or availability. But how do you prove the value of your security risk management to your stakeholders, clients, or regulators? How do you demonstrate that your efforts are aligned with your business goals, compliance requirements, and best practices? In this article, we will explore some of the key steps and methods to measure and communicate the value of your security risk management.

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Derek Jackson

COO Risk Advisory Services
Marcel Lehner

?? Head of Security & Resilience at Wiener Stadtwerke | ??? CSO & CISO | ?? Visionary for Safe & Resilient Cities | ??…
Karthik Krishnamoorthy

Founder & CEO @ Intentify Digital Media (We're Hiring) ? Graphic Design ? LinkedIn Content Marketing ?…

1 Define your objectives

Before you can prove the value of your security risk management, you need to define what value means for your organization. What are your specific security objectives and how do they support your overall business strategy? How do you prioritize and categorize your risks based on their likelihood and impact? How do you align your security risk management with your legal, regulatory, and industry standards? By defining your objectives, you can establish a clear and consistent framework for your security risk management process and outcomes.

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Derek Jackson

COO Risk Advisory Services
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There’s too many questions in this article. People need answers not questions. In this particular article anybody could see it’s been driven by AI. “By defining your objectives, you can establish a clear and consistent framework for your security risk management process and outcomes.” Name that framework. Include referencing ISO 31000 on risk management which should ideally by the one and only rusk framework across the whole organisation and not just ‘security risk management’ which is mentioned far too many times across the whole article. To be honest this article is not particularly useful as it doesn’t explain the steps I need to take. Sorry ??

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Marcel Lehner

?? Head of Security & Resilience at Wiener Stadtwerke | ??? CSO & CISO | ?? Visionary for Safe & Resilient Cities | ?? Leader in Security Transformation | ?? Mentor for Future Security Leaders
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Objectives in security risk management must be SMART—Specific, Measurable, Achievable, Relevant, and Time-bound. This allows for measurable goals, such as a targeted reduction in security incidents. Aligning these goals with business KPIs is crucial; it makes the value of security initiatives palpable in terms executives understand, like ROI or reduced downtime. Regular gap analyses against legal and industry standards can provide quantitative data for stakeholders, affirming your efforts' value. Finally, involving key stakeholders in setting objectives ensures alignment with business and regulatory expectations, completing the framework for effective security risk management.

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Nay Myo Tun

Information Security Professional , ISO27001:2022 Lead Implementer, ISO27001:2013 Internal Auditor, Information Security Risk Analyst ,Regional Network Security Engineer, #CISSP #CISA #CCNP #MCSE #RHCSA #ITIL
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To prove the value of your security risk management, track and report key performance indicators (KPIs) related to security incidents, such as the number of breaches or data losses prevented, alongside the associated cost savings and regulatory compliance achievements. Additionally, demonstrate how effective risk management contributes to maintaining customer trust, safeguarding brand reputation, and ensuring business continuity, aligning these outcomes with the organization's broader strategic goals.

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2 Collect and analyze data

To measure the value of your security risk management, you need to collect and analyze relevant data from various sources. This could include data from your risk assessments, audits, incident reports, metrics, benchmarks, surveys, feedback, or other sources. You need to use appropriate methods and tools to process, validate, and visualize your data, such as spreadsheets, dashboards, charts, or reports. You also need to apply critical thinking and analytical skills to interpret your data and identify patterns, trends, gaps, or opportunities for improvement.

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Marcel Lehner

?? Head of Security & Resilience at Wiener Stadtwerke | ??? CSO & CISO | ?? Visionary for Safe & Resilient Cities | ?? Leader in Security Transformation | ?? Mentor for Future Security Leaders
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In my role as CISO, experience has shown that data collection and analysis is not a one-time event but a continuous process that evolves with the organization's needs and external threat landscape. The variety of data sources mentioned—risk assessments, audits, incident reports—must be integrated into a unified analytics platform wherever possible. Real-time dashboards can provide immediate insights and permit course corrections, if needed.

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3 Calculate and communicate ROI

To prove the value of your security risk management, you need to calculate and communicate the return on investment (ROI) of your activities. ROI is a ratio that compares the benefits and costs of your security risk management, expressed as a percentage or a dollar amount. You can use different formulas or models to calculate ROI, depending on your objectives and data. For example, you can use the simple ROI formula: ROI = (benefits - costs) / costs x 100. You can also use more complex models, such as the security adjusted ROI (S-ROI) or the risk adjusted ROI (RA-ROI), which factor in the probability and impact of security risks. Once you have calculated your ROI, you need to communicate it effectively to your stakeholders, clients, or regulators, using clear and concise language, visuals, and evidence.

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Karthik Krishnamoorthy

Founder & CEO @ Intentify Digital Media (We're Hiring) ? Graphic Design ? LinkedIn Content Marketing ? [email protected]
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Real-world Simulations for Validation: Beyond traditional metrics and KPIs, consider running red-team exercises or penetration tests. These real-world scenarios can provide invaluable data on your system's resilience and the effectiveness of your risk management measures. Human Factor as Risk and Asset: Employee training can turn a potential weak link into a line of defense, adding another layer of value to your security risk management program. Regulatory Alignment as Competitive Advantage: In sectors with stringent regulatory requirements, robust risk management isn’t just about avoiding penalties. It can be a competitive differentiator, demonstrating to clients and partners that you exceed baseline compliance standards.

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4 Monitor and improve performance

To sustain the value of your security risk management, you need to monitor and improve your performance over time. You need to establish and track key performance indicators (KPIs) that reflect your objectives and data. KPIs are measurable and quantifiable metrics that show how well you are achieving your goals. For example, some common KPIs for security risk management are the number of incidents, the time to resolve incidents, the cost of incidents, the compliance rate, or the customer satisfaction rate. You need to review and report your KPIs regularly, using feedback loops and continuous improvement cycles. You also need to adjust your objectives, data, ROI, or KPIs as needed, based on changing conditions, expectations, or results.

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5 Align with best practices

To enhance the value of your security risk management, you need to align your process and outcomes with the best practices in your field. Best practices are the proven and accepted methods, standards, or frameworks that guide your security risk management. They help you ensure the quality, consistency, and credibility of your activities. They also help you benchmark your performance against your peers, competitors, or industry leaders. Some examples of best practices for security risk management are the ISO 27001, the NIST SP 800-30, or the FAIR framework. You need to follow and implement the best practices that suit your organization's needs, goals, and context.

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6 Showcase your achievements

To demonstrate the value of your security risk management, you need to showcase your achievements and successes to your audience. You need to highlight the positive outcomes and impacts of your security risk management, such as reducing risks, increasing efficiency, saving costs, improving quality, enhancing reputation, or gaining trust. You also need to share your challenges and lessons learned, as well as your plans and actions for the future. You can use different formats and channels to showcase your achievements, such as case studies, testimonials, awards, certifications, or publications. You can also use storytelling techniques to make your achievements more engaging, memorable, and persuasive.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you prove the value of your security risk management?

1

2

3

4

5

6

7

1 Define your objectives

2 Collect and analyze data

3 Calculate and communicate ROI

4 Monitor and improve performance

5 Align with best practices

6 Showcase your achievements

7 Here’s what else to consider

Information Security

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How do you prove the value of your security risk management?

1

2

3

4

5

6

7

1 Define your objectives

2 Collect and analyze data

3 Calculate and communicate ROI

4 Monitor and improve performance

5 Align with best practices

6 Showcase your achievements

7 Here’s what else to consider

Information Security

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