According to the World Economic Forum (WEF) Global Risk Report 2020, cyberattacks are ranked as the second greatest risk for businesses globally for the next 10 years. It is a major concern for cybersecurity and business heads tasked to protect the organisation and its reputation. This is not a sudden spike that was noticed; instead, it confirms a pattern over the past few years where cyber risks consolidated their position alongside environmental risks and climate change in the high-impact, high-likelihood quadrant of the WEF report.
The COVID-19 pandemic exacerbated the need for organisations to adopt a digital-first approach. As organisations continue to increase their digital footprint, the attack surface for cyber threats also widens. But the cybersecurity awareness amongst key stakeholders in the organisation has not grown in tandem. There is no standard approach among investors and corporate leadership for evaluating the cybersecurity maturity of their organisation or their portfolio of companies.
With the rapid evolution of technology, it can be challenging for organisations to keep up with their cyber-risk exposure. To effectively see into blind spots, business leaders must take an outside-in view and assess risks. This is where cybersecurity maturity assessments fill the gap and provide a 360-degree view of the organisation’s cybersecurity preparedness. They also help navigate potential risks that may have been missed.
Evaluate and Simplify
An effective cybersecurity maturity assessment helps evaluate your organisation’s current state of cyber preparedness and simplify IT systems and processes. Simplifying and streamlining systems and processes will help organisations determine if preventive or corrective controls need to be enhanced or modified.
Periodic cybersecurity assessments will help organisations remain up to date with all IT regulatory compliance. According to a Ponemon Institute study, 68% of cybersecurity leaders believe their current infrastructure is unprepared to handle future cyber threats. With a cybersecurity maturity assessment framework by Frost & Sullivan, businesses benefit from a systematic outlook, establishing a baseline of the organization’s cybersecurity posture and readiness to face cyber incidents and emerging threats.
Frost & Sullivan’s Cybersecurity Maturity Assessment (CSMA)
Frost & Sullivan’s cybersecurity framework is a functional capability assessment that illustrates the as-is status of the organisation with a score between 1-5, giving the cybersecurity leader a bird’s-eye view of the current maturity and capability of the organisation. It is designed to be a cross-industry assessment with parameters relevant across any industry vertical. F&S has worked with companies ranging from banking and finance to metals and mining to help them identify gaps and streamline their approach to cybersecurity.
The assessment is built with five cybersecurity functions as the base: Organisation Vision & Leadership, Cybersecurity Governance & Controls, Data Governance & Security, Threat Intelligence & Incident Management and Cyber Risk Management. They are further split into 10 capability areas. Individual assessment areas and cybersecurity success factors are measured to obtain the overall Cybersecurity Maturity Index (CSMI) for the organisation.
F&S Cybersecurity Maturity Assessment Framework
Businesses can use several cybersecurity maturity models as a framework to develop their best practices; however, many are industry specific and focus on depth. They have merits, but it is pertinent to have a broader view of cybersecurity for business and security heads. Frost & Sullivan’s deep industry research and experience working with companies across industry verticals will help you understand industry benchmarks and best practices followed by your industry peers and competitors. This can be an effective tool to see how your organisation fares in relative comparison and a quicker way to identify and fill the gaps through a neutral third-party assessment.
Whether you are a small enterprise or a fast-growing establishment, cybersecurity preparedness should be your focus area. The best way to have that unwavering focus is to conduct a yearly assessment of cybersecurity maturity to identify, understand and bridge the gaps. It helps you stay ahead of the curve and boosts business efficiency across all levels and departments of your organisation.
For more information on how to minimize risk and conduct a cybersecurity maturity assessment with Frost & Sullivan’s extensive framework, contact us.