Wednesday 3rd May 2023
BLOG: Communicating the Business Value of Risk-Based Vulnerability Management to Stakeholders
Risk-based vulnerability management is a critical component of any organization’s cyber security strategy. It involves identifying vulnerabilities in an organization’s IT infrastructure and prioritizing remediation efforts based on the level of risk they pose to the organization. This approach ensures that resources are allocated in a way that maximizes the effectiveness of the organization’s cyber security program. However, communicating the business value of risk-based vulnerability management to stakeholders can be challenging.
One of the biggest obstacles to effective communication is the complexity of cyber security. Stakeholders who are not familiar with the intricacies of cyber security may struggle to understand why risk-based vulnerability management is necessary. To overcome this challenge, it is essential to frame the conversation in terms of the business value that risk-based vulnerability management provides.
The business value of risk-based vulnerability management lies in its ability to protect the organization’s assets, including its reputation, intellectual property, and customer data. A cyber security breach can have a devastating impact on these assets, leading to lost revenue, legal liability, and damage to the organization’s reputation. By implementing a risk-based vulnerability management program, the organization can reduce its exposure to these risks, thereby protecting its assets and ensuring its long-term viability.
Another way to communicate the business value of risk-based vulnerability management is to emphasize its cost-effectiveness. While implementing a vulnerability management program requires an investment of time and resources, the cost of a cyber security breach can far outweigh these costs. By proactively identifying and addressing vulnerabilities, the organization can avoid the potentially catastrophic financial and reputational costs of a cyber security breach.
In addition to protecting the organization’s assets and being cost-effective, risk-based vulnerability management can also be a competitive differentiator. Customers and partners are increasingly concerned about cyber security, and organizations that can demonstrate a strong cyber security posture are more likely to win business and maintain customer trust.
To effectively communicate the business value of risk-based vulnerability management to stakeholders, it is essential to tailor the message to the audience. Different stakeholders may have different priorities and concerns, so it is important to understand these concerns and address them in a way that resonates with the audience.
Risk-based vulnerability management is a critical component of any organization’s cyber security strategy. Communicating the business value of risk-based vulnerability management to stakeholders requires framing the conversation in terms of protecting the organization’s assets, being cost-effective, and being a competitive differentiator. By tailoring the message to the audience, organizations can effectively communicate the importance of risk-based vulnerability management and ensure that it is prioritized in their cyber security program.
How can Orpheus Cyber help?
At Orpheus Cyber, we understand that the task of identifying and mitigating vulnerabilities can be an arduous and costly process. With thousands of vulnerabilities being identified each year, organisations often struggle to prioritize which vulnerabilities require immediate attention. That’s why we’ve developed the Orpheus Vulnerability Severity Score (OVSS) to help organisations identify the most critical vulnerabilities in their network.
Using our cyber threat intelligence, machine learning, and other features, the OVSS gives every CVE a score, allowing organisations to filter vulnerabilities on their network by those that are the most serious. This approach to risk-based CVE management enables organisations to prioritise their resources and budget to address the most critical vulnerabilities first.
Our proprietary machine learning also predicts which vulnerabilities not yet being exploited by hackers will be exploited in the future. By predicting which vulnerabilities will go on to be exploited, organisations can take proactive measures to patch those vulnerabilities before they are exploited. This helps to stop the risk before it happens, beating attackers to the punch.
By adopting a risk-led vulnerability management approach, organisations can demonstrate their maturity in managing cyber risks. This approach allows organisations to prioritize vulnerabilities and allocate resources accordingly, resulting in a more effective and efficient use of resources.
We are committed to helping organisations manage their vulnerabilities effectively. With our expertise in cyber threat intelligence and machine learning, we can help organisations identify and address their most critical vulnerabilities, reducing their overall risk profile and ensuring operational resilience. To gain deeper insights and experience the full capabilities of our platform, click here to witness it in action.
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