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Enterprise Security Magazine | Wednesday, October 26, 2022
Decision support systems for cyber risk management are essential to deal with multi-dimensional dynamic challenges and increasing cyber-attacks.
FREMONT, CA: In this advanced digital world, technological developments are evolving rapidly, with powerful networks, increasing interconnectedness, and highly automated concepts like e-health, smart cities, and the fourth industrial revolution playing increasingly prominent roles. This technological rise indicates that cybersecurity is an extremely crucial and growing precondition for a successfully functioning society.
Digital reality requires business leaders to adequately assess and administer cyber risk, and executive decision-makers must have a robust understanding of cyber risk concepts and problems to take effective action. However, the dynamic cyber risk nature and the extensive growth in cyber attacks can result in decision-making challenges.
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Recently, six principles for board governance of cyber risk were released to enable organisations to manage better and understand how to navigate cyber risk-related strategic and operational choices. A key principle in this guidance is that directors' boards should align cyber risk management with business needs across every decision-making facet, including innovation, mergers and acquisitions, product development, and more.
Exposure to Cyber Risk Threatens Reputation and Customer Trust
Executives generally encounter difficult decisions in managing cyber risk, as exposure to cyber risk threatens reputation, customer trust, and competitive positioning and results in fines and lawsuits. Under such conditions, leaders should cope simultaneously with shifting organisational priorities, changing budgets, technologies, and employee headcounts, evolving adversary strategies, and emerging security events. This complexity is also referred to as the dynamic nature of cyber risk.
However, executive decision-makers are usually overwhelmed by the complexity and pressure to act when addressing cyber risk issues, and security risk blind spots exist in such situations. Many approaches are available to support business leaders and executives in their role to define and implement a sustainable cyber security and resilience strategy. Periodic risk assessments, for example, using industry-recognized frameworks or cyber event simulations and exercise execution.
A risk assessment identifies cyber risks and evaluates the consequences of these risks when they occur. Cyber event simulations and exercises mimic cyber attacks in a controlled manner. They appear as tabletop exercises or as approved predefined attacks against the defender’s infrastructure. Although these tactics help establish a foundation for cyber risk management, the dynamic nature of cyber risk is not obtained. They can best be described as a one-dimensional approach, resulting in decision-makers underestimating risk.
In their most mature form, these activities can occur in near real-time, while business leaders and executives must also consider the long-term consequences of their intended decisions. Therefore, predicting decision support systems for cyber risk management is essential. These systems require dealing with multi-dimensional dynamic problems, including dynamic cyber risk nature and nonlinear variables such as the massive increase in cyber attacks, so they can represent managed organisations.
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