IT RISK MANAGEMENT Software

Key risk indicators (KRIs) can help predict adverse events that may impact your organization and are widely considered an essential part of good governance. These indicators link to a range of operational risk-management activities and processes, making them especially beneficial as metrics of changes in a company’s risk profile.

As organizations expand their IT footprints, they become more vulnerable to cyberthreats and therefore business risk. Just one well-placed cyberattack can result in data or software damage, breaches of customer information, theft of intellectual property and business interruptions. Third parties complicate the risk landscape even further. When organizations trust their facilities, networks and data to outside suppliers and partners, they open themselves up to potentially devastating financial, reputational, regulatory, operational and strategic consequences.

Gaining more informed and actionable insights is more important than ever. You can achieve this by shifting your cybersecurity and risk management approaches from compliance-based strategies to risk-based frameworks. In doing so, your organization will benefit from insights regarding cybersecurity risk factors, levels of impact and potential mitigating actions.

The role of CISO has been redefined, from one that reacts to data breaches and threats to a position of strategic importance with complex objectives. With the responsibilities of addressing elements of cybersecurity, providing IT expertise, communicating technical topics to board members — among many more, their leadership is needed now more than ever.