Key Findings from Team8’s 2024 CISO Village Survey

With a slew of new cyber governance laws on the market, such as the US SEC's cybersecurity regulations, the EU's DORA and NIS, and APRA's CPS 230, all essentially demanding that cyber matters be elevated to the highest organizational levels, it's no wonder that CISOs are feeling the pressure.?

In fact, more than half of all CISOs in Team8's 2024 CISO Village Survey reported that they are "experiencing significantly tighter scrutiny" from senior stakeholders, who are likewise no doubt feeling the same pressure from their respective regulatory bodies.?

While this source of anxiety is one of many that cybersecurity leaders face on a daily basis, it doesn't necessarily have to be the case.?

Plainly, whether it's due to these laws or because they also recognize the value that cyber risk management can bring to the enterprise, boards and C-suite executives want to understand their unique cyber risk exposure better.?

Unfortunately, much of this pressure that the majority of CISOs feel arises because of communication issues. Stakeholders are demanding more information, but when CISOs provide it, it's not easily comprehensible, as much of what's to be reported is spoken about in complex terms.

Indeed, this is a common challenge across the market - regardless of whether the organization faces regulatory scrutiny.?

To relieve some of this pressure and ensure that boards and executives tangibly understand their organization's exposure, CISOs would do well to turn toward cyber risk quantification, translating the more technical, abstract metrics into broader business terms that resonate.?

With the likelihood of various loss scenarios occurring, along with the respective financial damages that may occur in their wake, this otherwise messy communication process becomes streamlined, helping boards to determine what needs to be done both in terms of fiduciary responsibilities and resource allocation.

Moreover, and perhaps more importantly, especially if there's no D&O insurance, when CISOs leverage CRQ, they'll be able to document that they've communicated critical details to upper management in clear, understandable terms, safeguarding themselves against any potential accusations of failing to provide the required information.

For cybersecurity leaders, these new regulations - and resulting "scrutiny- should not be viewed as a burden but rather as an opportunity for collaboration and advocacy.?

The adoption of tools such as cyber risk quantification not only helps CISOs and their colleagues fulfill their regulatory obligations but also aids in strengthening their organization's overall cyber resilience.?

When viewed through this lens, these pressures become less about compliance and more about building a robust, collaborative strategy that benefits the entire enterprise.?

Great work to Liran Grinberg and the entire team at Team8 for putting this important, insightful report together. We need to keep learning about CISOs and what they need in order to build a more resilient market.?

Download the full report here: https://team8.vc/rethink/enterprise/ciso-survey-2024-report?

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