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Enterprise Cyber Risk Management As A Value Creator Leverage Cybersecurity For Competitive Advantage 1st Edition Bob Chaput - Solutions
Does the prospective service provider have the ability and leadership sophistication to engage in appropriate talent management, strategy, and risk and opportunity management discussions with the C-suite and board?
Does the prospective service provider have evidence that work products created value, enabled business, or developed a competitive advantage?
Does the prospective service provider have evidence that relevant regulators have accepted work products for previous ECRM clients during enforcement actions?
What are the qualifications of the prospective service provider’s cyber risk and opportunity management professionals?a. What are their qualifications in terms of expertise (e.g., what industry-recognized certifications and credentials have they earned?)b. What are their qualifications in terms
Does the prospective service provider demonstrate industry experience in regulatory compliance relevant to your organization’s needs?
Does the prospective service provider’s specific risk and opportunity assessment solution and methodology produce as output both cybersecurity risks and cybersecurity opportunities?
Is the prospective service provider’s ECRM methodology based on an industry-standard process and framework, such as NIST’s Managing Information Security Risk2 and the NIST Cybersecurity Framework 3?
How will the prospective service provider present cybersecurity opportunities to leverage along with cybersecurity risks to treat?
Will the prospective service provider’s proposed ECRM solution result in practical, tangible deliverables that your organization can use as evidence that you are exercising your fiduciary responsibility?
Is the prospective service provider offering a comprehensive, assetbased, enterprise-wide, NIST- or ISO-based risk assessment an essential, foundational component of your organization’s cyber risk and opportunity management work? (This question is a canary-inthe-coal-mine question that you must
Will the prospective service provider’s proposed ECRM Process result in identifying all opportunities to leverage your cybersecurity strengths?
Will the prospective service provider’s proposed ECRM Process result in identifying all risks to your organization’s data, systems, and devices?
Will the prospective service provider’s proposed ECRM Process result in identifying your organization’s data, systems, and devices?
Is the prospective service provider proposing a risk-based ECRM approach or a controls checklist? If they offer a controls checklist, I suggest you walk away and keep looking!
How will the prospective service provider facilitate identifying opportunities to create value, enable your business to grow, and develop a competitive advantage?
Will the prospective service provider’s proposed ECRM solution be adaptable to and aligned with your organization’s unique vision, mission, strategy, values, and services?
What is the state of your ECRM Program and Cybersecurity Strategy documentation? Will it meet the regulatory requirements with which you must comply?
Have you set, documented, and communicated your cyber risk appetite and opportunity threshold?
How urgent and important is it for your organization to conduct a comprehensive, NIST-based enterprise-wide risk and opportunity assessment?
What criteria will you use to formally select and adopt your ECRM Framework, Process, and Maturity Model?
What team will lead your effort to establish and document your ECRM Budget Philosophy?
How will you conduct the work to decide on the scope of your ECRM program? What internal and external factors will you consider?
What is your internal ability to undertake the implementation steps presented in this chapter?
Do you have a formal enough ECRM governance structure to assure a successful transformational ECRM effort?
Of the implementation steps presented in this chapter, which are the most important for your organization at this time?
Has your organization developed ECRM third-party risk management standards, policies, and procedures, including continuous monitoring and auditing of third-party vendors? Are they of a high enough quality to disclose?
Would engaging an experienced, reputable ECRM partner be valuable to establishing, implementing, and maturing these standards, policies, and procedures?
Do you have the internal resources with the appropriate skills, knowledge, and experience to facilitate the development of your education and training, automation and technology, third-party risk management, and recordkeeping and reporting standards, policies, and procedures?
Do your standards, policies, and procedures in the areas covered in this chapter meet the requirements of SEC’s Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure final rule or your other regulatory requirements?
Do your ECRM Process standards, policies, and procedures meet all the regulatory requirements your organization must comply with?
Would engaging an experienced, reputable ECRM partner be valuable to establishing, implementing, and maturing your organization’s ECRM program?
Do you have the internal talent with the appropriate skills, knowledge, and experience to facilitate the development of your ECRM Process standards, policies, and procedures?
Has your organization agreed upon and documented your monitoring standards, policies, and procedures?
Has your organization agreed upon and documented your response standards, policies, and procedures?
Has your organization agreed upon and documented your assessment standards, policies, and procedures?
Has your organization agreed upon and documented your framing standards, policies, and procedures?
Can you meet the documentation requirements of the SEC’s Disclosure of a Registrant’s Risk Management, Strategy, and Governance Regarding Cybersecurity Risks 22 today?
Would engaging an experienced, reputable ECRM partner be valuable to establishing, implementing, and maturing your organization’s ECRM program?
Do you have the internal resources with the appropriate skills, knowledge, and experience to establish your ECRM Framework, ECRM Process, and ECRM Maturity Model?
Considering topics covered in this chapter—ECRM Framework, ECRM Process, and ECRM Maturity Model—to what degree has this content of your ECRM Program and Cybersecurity Strategy been documented?
Has your organization chosen an ECRM Maturity Model? Is the effectiveness of your ECRM program improving?
Has your organization chosen an ECRM Process? Is it working effectively?
Has your organization chosen an ECRM Framework? Is it working effectively?
Would your organization benefit from a session reviewing these documentation requirements and related ECRM Program and Cybersecurity Strategy by competent outside counsel and cyber risk and opportunity management experts?
Do you have the internal resources with the appropriate skills, knowledge, and experience to undertake this work?
Can you currently meet the documentation requirements of the SEC’s Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure final rule today?
Can you provide an ECRM Working Group with a clear articulation of strategic business objectives to serve as the basis for creating the scope of your ECRM program?
Do your ECRM Guiding Principles address “managing the upside” and leveraging your cyber opportunities?
Do the sample guiding principles align with your views on how you should oversee ECRM? What others are you considering?
Considering the sections of the ECRM Program and Cybersecurity Strategy covered in this chapter, to what degree has this documentation of your ECRM Program and Cybersecurity Strategy been created?
Does your organization already conduct ongoing, rigorous, comprehensive, enterprise-wide risk and opportunity assessments that would meet regulatory requirements applicable to your industry?
Can you meet the documentation requirements of the SEC’s Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure final rule today?
Would engaging an experienced, reputable ECRM partner be valuable to establishing, implementing, and maturing your organization’s ECRM program?
Do you believe your C-suite and board are fully exercising their leadership, oversight, and fiduciary responsibilities concerning ECRM?
Equally essential but too often ignored, have you discussed, debated, and established your cyber opportunity threshold as C-suite executives and board members?
Have you discussed, debated, and established your cyber risk appetite as C-suite executives and board members?
As a basic example, does your organization understand that risk exists when and only when there is an asset, a specific threat, and a particular vulnerability?
Have these definitions been documented in your organization’s ECRM Program and Cybersecurity Strategy documents and communicated via ECRM training?
Have your organization’s C-suite and board discussed and agreed upon a standard set of definitions related to cyber risk and opportunity management?
What individuals will comprise your ECRM Working Group (EWG) to start drafting your ECRM Program and Cybersecurity Strategy documentation?
Has your organization formed a governance structure and teams to initiate work on your ECRM Program and Cybersecurity Strategy documentation?
What business value will your organization derive from developing and documenting an ECRM Program and Cybersecurity Strategy? Is it worth the effort?
Is there solid alignment between the executive team and the board on the value and importance of developing and documenting an ECRM Program and Cybersecurity Strategy?
Are you proactively educating and training your organization on your ECRM Program and Cybersecurity Strategy?
Do you require ECRM and cybersecurity budget line items in operational budgets rather than the CIO’s or CISO’s budget for CapEx, OpEx, and personnel?
Does your organization include specific ECRM performance goals in executives’, leaders’, and staff’s annual objectives?
Has your organization adopted the “authorization to operate/use” concept?
Has your organization assigned ownership and risk of information assets to business owners?
To what extent has your organization incorporated ECRM into strategic decision-making and ongoing business planning?
What is the level of commitment and engagement in cyber risk and opportunity management throughout the organization?
Does your organization have a formal ECRM governance structure in place? Are you comfortable disclosing your ECRM governance structure to investors and other stakeholders?
Has your organization created a positive, forward-thinking cyber risk and opportunity management culture?
Do you have appropriate enterprise risk and opportunity management and cybersecurity expertise on your board?
What are your current risk and opportunity management policies, procedures, and practices? At first blush, how do they stand up to your applicable regulatory requirements? Do you meet all your cyber liability insurance requirements?
On a continuum representing the extent to which an organization is “managing the upside” vs.“managing the downside,” where would you place your organization?
Do you have the internal resources with the appropriate skills, knowledge, and experience to develop and document your ECRM Program and Cybersecurity Strategy?
To what degree has your ECRM Program and Cybersecurity Strategy been formally developed and documented?
Have you clarified the ECRM roles and responsibilities of the C-suite and board?
Have you established a governance structure to develop your ECRM Program and Cybersecurity Strategy? Who oversees this work, the entire board or a board committee?
What is the most critical question your C-suite and board should ask about cybersecurity expenditures?
Are spending decisions based on comprehensive risk and opportunity assessment followed by informed risk and opportunity treatment decision-making using your organization’s cyber risk appetite and opportunity threshold?
Does your organization always ask if requested cybersecurity expenditures will reduce your risks or increase business value?
How does your organization prioritize cybersecurity spending?
Would engaging an experienced, reputable ECRM partner be valuable to establishing, implementing, and maturing your organization’s ECRM Budget Philosophy?
Do you have the internal resources with the appropriate skills, knowledge, and experience to facilitate the development of your ECRM Budget Philosophy?
Does your organization have a good governance structure in place, one that clearly articulates and oversees your ECRM and cybersecurity budgeting, financial planning, and capital allocation?
Has your organization agreed upon and documented an ECRM Budget Philosophy?
Which, if any, of these maxims can be adopted in your organization today—”part of the ordinary course of doing business,” “risk-based expenditure,” “an ounce of prevention,” “business ownership,” “securityby-design,” and “business enabler”?
How are your organization’s ECRM and cybersecurity budgeting, financial planning, and capital allocation conducted today? Is it facilitating good decision-making?
Have you assigned ownership of information assets and associated cyber risks and opportunities to lineof-business, functional, and process owners?
Have you debated and decided whether your ECRM program will be risk-based or controls-checklistbased?
On what proven industry-standard, globally recognized methodologies will you establish, implement, and mature your ECRM program?
Have you established a Cross-Functional Working Group to help ensure engagement and accountability by line-of-business, functional, and process owners?
How will ECRM be treated in your organization—as an “IT problem,” a business risk management issue, or a value driver/business enabler?
What will be the respective roles and responsibilities of the C-suite and the board in HOW the organization will conduct ECRM?
Will a board committee or the entire board facilitate making this critical decision of HOW the organization will conduct ECRM?
How are you performing ECRM today? Is it formalized and documented?
As a public company, how strong a position does your organization currently have in defense against the two prongs of a Caremark-based lawsuit?
What is the level of leadership by your executive team and degree of oversight by the board of your ECRM program?
Would your organization benefit from a session reviewing these and related legal cases by competent outside counsel and cyber risk management experts?
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