Wednesday 10th May 2023
BLOG: Beyond Compliance – How Cyber Risk Ratings Can Drive a Culture of Cybersecurity in Regulated Industries
The world we live in today is increasingly interconnected and reliant on technology. From financial services to healthcare, and critical infrastructure to government agencies, almost every sector is now heavily dependent on information technology to conduct operations, store data, and communicate with stakeholders. However, this reliance on technology also brings with it a new set of risks, particularly in the form of cyber threats.
For industries that are heavily regulated, such as finance, healthcare, and energy, the stakes are particularly high. The loss or compromise of sensitive data, the disruption of essential services, or the compromise of critical systems can have severe consequences not just for the organizations involved, but for the wider economy and society as a whole.
To manage these risks, regulatory bodies have developed a range of compliance frameworks and standards that aim to promote cybersecurity best practices among regulated entities. However, compliance alone is not always sufficient to ensure adequate protection against cyber threats. Compliance frameworks tend to be focused on meeting minimum requirements and adhering to specific procedures, rather than on developing a culture of cybersecurity that permeates throughout an organization.
Cyber risk ratings assess an organization’s cybersecurity posture based on various factors, such as the effectiveness of their cybersecurity controls, their vulnerability to cyberattacks, and their level of preparedness for a cyber incident. By providing a quantitative assessment of an organization’s cyber risk posture, cyber risk ratings enable organizations to identify gaps in their cybersecurity defenses and take proactive measures to improve their security posture.
One of the key benefits of cyber risk ratings is that they provide a common language for discussing cybersecurity risk. This enables organizations to have more informed discussions about their cybersecurity risks and to understand better the potential impact of cyber threats on their operations. This shared understanding can help foster a culture of cybersecurity across an organization, with employees at all levels of the organization more aware of the potential risks and their role in protecting against them.
For regulators, cyber risk ratings offer a powerful tool for promoting cybersecurity best practices among regulated entities. By incentivizing organizations to improve their cyber risk ratings, regulators can drive a culture of cybersecurity that goes beyond compliance, leading to better protection against cyber threats and improved resilience in the face of cyber incidents. Cyber risk ratings offer a more comprehensive approach to cybersecurity than mere regulatory compliance. By providing a clear picture of an organization’s cyber risk posture and fostering a culture of cybersecurity, cyber risk ratings can help organizations stay ahead of the constantly evolving cybersecurity threat landscape. For organizations operating in regulated industries, where the consequences of a successful cyberattack can be particularly severe, cyber risk ratings can be a valuable tool in driving a culture of cybersecurity and protecting against cyber threats.
In conclusion, cyber risk ratings have the potential to drive a culture of cybersecurity in regulated industries that goes beyond compliance. By providing a more holistic and dynamic view of an organization’s cybersecurity posture, cyber risk ratings can incentivize regulated entities to adopt cybersecurity best practices, develop agile and adaptable cybersecurity programs, and better protect against cyber threats. As such, cyber risk ratings should be seen as a complementary tool to existing compliance frameworks, rather than a replacement, and one that can help regulated entities and regulators alike to navigate the complex and ever-changing cybersecurity landscape.
How can Orpheus Cyber help?
At Orpheus Cyber, we understand the importance of cyber risk ratings in driving a culture of cybersecurity in regulated industries. We also recognize that the accuracy of these ratings is crucial in enabling organizations to make informed decisions about their cybersecurity posture.
Our threat-intelligence enriched cyber risk ratings provide a more accurate result by taking into account an organization’s specific threats, vulnerabilities, and the likelihood of those being exploited. Our approach follows the processes and tools used by threat actors, ensuring that we provide an accurate reflection of an organization’s cyber risk posture.
Our services can also help organizations in tracking and reporting their cyber risk posture, measuring and comparing potential vendors, and leveraging their risk score as a competitive advantage. We also actively and independently monitor subsidiaries’ risk scores and run preventive reports to discover an organization’s cyber posture.
In summary, at Orpheus Cyber, we provide accurate, threat-intelligence enriched cyber risk ratings, as well as third-party management services, to actively manage your supply chain risk score. Our services can also help reduce cyber insurance costs, track and report on cyber risk posture, and provide insights for procurement, competitive advantage, and M&A and subsidiary risk monitoring. Sign up for a demo today to uncover your extended risk in less than an hour.
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