You know how your business is performing – probably. You know your business’ KPIs and how to read them: analyzing sales reports, profit and loss statements, and financial and operational ratios.
KPIs help you and your management team make informed decisions.
The same goes for cybersecurity. When much of your operations take place in the cloud, you need to know your cybersecurity KPIs — security metrics to answer digital age questions such as:
- Is the organization mitigating cyber threats effectively?
- What types of threats are being detected each month?
- Was there any downtime during the month?
Let’s talk about four cybersecurity KPIs that CEOs should focus on and why they matter.
1: Compare Your Cybersecurity Policy with Your Competitors’
We know every business is different, but you may have a number of similarities with your competitors. Your company will share similar profiles when it comes to regulatory compliance and exposure based on how they use technology.
An industry benchmark gives your business an idea of how they’re doing in contrast to their nearest industry neighbours. Also, it can serve as a pre-warning system in identifying the trends in cyber-attacks. It may not have impacted your business yet, but this high-level tailored report gives you an understanding of your company’s cybersecurity situation.
2: Your Risk Exposure and Plans
There are different security solutions available in the market that protect different aspects of your technology. But how well is your system protected?
For example, a firewall can protect against intruders accessing your network, but it’ll not be able to protect against viruses on your PC. Antivirus software will help protect your PC, but again there’s a threat from the malicious emails. Understanding the vulnerabilities allows you to analyze the risk exposure. As you determine your vulnerabilities, it’s easier to make decisions from thereon.
3: Understanding Cyber Incidents and their Financial Impact
Hopefully, your firm has not suffered from a recent cyberattack. But if you did experience a security event, we assume that you already found out the financial impact.
If your customer portal is attacked, it might impact their ability to check on orders and prevent them from submitting new orders. In a worst-case scenario, a breach could lead to a complete shutdown of the network, and you’ll have to wait until the issues are resolved.
You’ll need to analyze who and what was affected and for how long. This data is an important metric for your firm. Equally important to know is how the incident translated into dollars.
4: Patching Cadence
All software needs to be patched. But you need to know how often you are doing it. Patching depends on your software provider – and it can be both predictable and unpredictable. For instance, Microsoft usually releases their software patches on the second Tuesday of every month. On the other hand, most small vendors release security updates reactively.
Knowing how often patches are applied or not applied is always a great idea. This will help you understand when patches are rolled back due to incompatibilities. It is a good measurement for your level of exposure at any point in time.
Companies without dedicated IT security staff can face cybersecurity monitoring and reporting challenges. Keeran Networks has services for reporting on key cybersecurity metrics. Our team provides measurable metrics with trend data, such as open security vulnerabilities and how often malicious emails are getting through the employees. In addition, we offer you complete security capabilities.
Get in touch with our team today!