In an interview with ISMG during the FAIR Institute’s 2023 London Summit, Institute President Nick Sanna delivered a critique of cybersecurity that “until now, has been seen as a technical problem. That led us to spend billions on security without a clear understanding of the benefits
, hoping the problem would go away.”
Watch the video interview with Nick, Why We Need a Holistic Risk-Based Approach to Cybersecurity.
That model isn’t sustainable, argued Nick, who is also CEO of RiskLens and a board member of the Internet Security Alliance. “Organizations are still facing a lot of loss because the adversaries, cyber criminals or nation state actors, have an economic and in some cases a geopolitical focus. They go where the money is, where they can get the biggest ROI for their actions and effect the most harm.
“The time has come for organizations that need to defend themselves to understand they can never be 100% secure and they need to take a risk-based and economical approach that prioritizes what matters most…Economics needs to be understood to tackle this problem at the source.”
FAIR™ (Factor Analysis of Information Risk) is the international standard for analyzing cyber risk in economic terms.
Nick also discussed the roles for boards and corporate management in making the shift away from compliance-based to risk-based cybersecurity, as well as the role for government in promulgating best practices in cyber risk management. Watch the interview now.
