Risk Management, Governance & Compliance
As the Industrial Cybersecurity market matures, the attention has switched to the strategic concern of risk, which is understandable. How can cyber risks in industrial organizations be measured, managed, minimized, or prioritized? After all, this must be the ultimate goal of every industrial cybersecurity project. How do we know which risks to mitigate against which risks we want to pass on (i.e., to insurance) and at what cost? What is our tolerance for cyber-threats? What is the next best project or investment that we can make to mitigate cyber risk?
Risk and compliance management products are specifically created for this purpose.
These products start by assessing the industrial enterprise's cyber risk, which might be caused by an attack or a failure to meet compliance standards. All of the vulnerabilities and attack vectors that endanger the industrial enterprise are identified, quantified, and prioritized during the assessment process.
CISOs can establish a transparent security program and make informed decisions based on the return on investment (ROI) and total cost of ownership (TCO) for every cybersecurity investment that the enterprise needs to make with this vital risk data.
The process of risk assessment is continual and continuous. External threats, internal dangers, and new technologies all offer a perpetual threat that must be quantified, prioritized, and conveyed to others in the organization. Risk Management systems should provide a single language across all departments and up to the boardroom for all stakeholders to understand the cyber and compliance risks they face in order to be effective.
The solution focuses on quantifying, reporting, and communicating risk so that industrial cybersecurity and compliance may be approached in the same way as any other business decision - data-driven and ROI/value-based. Finally, the company must determine which risks it is ready to accept and which must be minimized or transferred.
Many risk management tools span the complete risk spectrum, from cyber threats to regulatory compliance and governance policies. Governance-specific solutions are also available on the market. To mitigate risk, these solutions automate the capacity to track and control compliance with external regulations as well as internal policies.
Instead of relying on on-site auditing teams to review and create a report that takes weeks, Governance platforms automate the process, allowing compliance to be continuously monitored and measured across the enterprise. Compliance reports are generated automatically, and compliance techniques may be adopted systematically and at scale, making governance far more efficient.
IEC-62443, NIST-CSF, NERC-CIP, ISO-27001, NIST-1800-23, NCSC-CAF, and the EU NIS Directive are examples of standards.
User-defined policies, best practice policies, third-party system policies, firewall policy, Vulnerability Management policy, and Endpoint Security policy are examples of internal policies.
Reducing insurance prices for industrial firms and reinsurers to better quantify the risk is a fundamental driver in cyber risk modeling. When something goes wrong in an industrial process, it can cause significant damage to the environment, customers, and enterprises, among other things.
Our solution allows industrial businesses to predict and quantify the financial impact of an attack, allowing for a fair and acceptable risk transfer from the business to the insurer. These technologies, like Risk Management, automate the enterprise's ability to continuously:
The goal is to better understand cybersecurity economics (risk-cost analysis) and reduce risk as cheaply as feasible.
