Cyber Risk Dashboard: the Metrics That Have Value for the Board of Directors | Centraleyes

Reporting cybersecurity to the board can be confusing due to technical jargon. Boards need metrics and data graphs that provide relevant risk information in a concise manner to make informed decisions. CISOs play a crucial role in translating cybersecurity information to demonstrate its impact on the business.

With cybersecurity breaches making headlines, the board has become more concerned about its impact on the business. Modern Chief Information Security Officers, or CISOs, must show how cybersecurity directly affects the organization, and data metrics are an effective means of accomplishing this. Senior executives and board members now demand better measurement, management, and communication of security programs.

Companies can no longer rely solely on compliance audits to prove good security performance. CISOs understand the importance of a strong security posture. While compliance controls are essential, they should not be the sole focus. Instead, CISOs need to capture and report security metrics that truly measure security outcomes, provide meaningful measurements, and convert compliance investments into business enablers.

Effective information security metrics should communicate risk posture, demonstrate the value of security investments, drive performance improvement, aid decision-making, manage risk and compliance, provide quantitative measurements for risk scenarios, and show progress against cyber risk management goals. They should also help set targets, measure progress, improve cybersecurity investments, identify total risk costs, and discover potential savings.

Selecting KPIs for a cybersecurity report is a challenge for CISOs. While many security metrics are tracked regularly, the board is primarily interested in accountability and resource allocation. Few security teams are trained in risk measurement principles, resulting in wasted resources on irrelevant risk management solutions. Risk measurement involves scoping scenarios, collecting evidence, and generating a clear understanding of risk. Metrics should be relevant, easy to understand, and support data-driven decision-making.

Important information for the board includes security ratings and risk scores, the status of risk management initiatives, internal and third-party risk communication, and metrics that the board can easily understand and apply to decision-making.
A best practice is using an automated cyber risk reporting tool such as Centraleyes that enables cyber risk teams to automate over 80% of their collection and analysis work, while automatically generating compelling, visual, and easy-to-understand reports.

Centraleyes provides financially quantified risk scores, third-party risk scores, quarterly comparisons, future predictions, and insights into budget allocation and the status of security investments. Financial risk scores consider NIST functions, corporate assets, risk appetite, and cyber insurance policy coverage. Third-party risk scores are also important as they assess vendors' risk posture. Quarterly reports capture statistics, analysis, and impact. The interactive 4D matrix calculates impact, probability, cost, and time resources. The ability to respond to emerging risks is also crucial. Deep visibility into cybersecurity investments helps measure progress toward operational resilience.

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