Cyber attacks are on the rise. Each passing year the sheer volume and sophistication of attacks continue to shock even those of us outside of the cybersecurity community. Which is why we were surprised to learn that McKinsey, one of the world's leading business and government advisors, highlighted several key areas of focus for CEOs in 2024 while forgetting the impact cyber security, or lack thereof, can have on a company's top-line. Consider for a moment the impact the breaches had on SolarWinds, Colonial Pipeline, and MGM to name a few. The legal implications, the impact to their customers, their reputation, and their revenue.
Forbes contributor, Noah Barsky, agrees and took it a step further when declaring that "insufficient corporate board cyber expertise [...] only compound[s] the complexity". He also underscores that "CEOs simply cannot afford to underestimate cybersecurity, relegate it to 'IT project status' or outright omit it from c-suite agendas." And that "The severe and common downside risks include strategy derailment, business interruption, reputational damage, customer defections, litigation, regulatory nightmares and remediation cash drain.
In Noah's article, he addresses the need to quantify risk and resilience in order to allow senior leaders in business to not only understand the potential impact of an attack but to better inform decisions. The article proceeds to boast that the National Association of Corporate Direcrtor's (NACD) chose to endorse X-Analytics as the preferred boardroom cyber risk reporting solution for their over 23K members.
Book a demo today and see why the NACD recommends X-Analytics to help bring business context and clarity to the cyber risk management conversation.