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The biggest challenge we face in cyber risk oversight, in financial services, is creating realistic risk appetite statements. Required by regulators to show that boards understand and can manage the risk. The complexity of cyber security and its enterprise wide impact makes it difficult to create a quality picture of both leading and lagging measures. There are many different threats and many different controls which need to managed to manage the asymmetric risk, which is cyber.
These have to be validated using KRIs and KPIs, to provide continual monitoring of the risk and control effectiveness. Which can be used by the board to make a realistic assessment of the inherent and residual risk and how well the CISO and business is managing cyber risk.
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