FIX and REPLACE Secure Systems Innovation Corporation and NACD Partner to Launch Cyber Risk Reporting Service for Boards of Directors
WASHINGTON–(BUSINESS WIRE)–Second paragraph, first sentence of the release dated June 8, 2022, should read: As cybercrime is expected to exceed $10 trillion in annual damage by 2025, according to Cybersecurity companies, cyber risk is now seen by many as a critical risk requiring increased board attention. (Instead of As cybercrime is expected to exceed $10 trillion in annual damages by 2025, cyber risk is now seen by many as a critical risk requiring increased board attention.)
The updated version reads as follows:
SECURE SYSTEMS INNOVATION CORPORATION AND NACD PARTNER TO LAUNCH CYBER RISK REPORTING SERVICE FOR BOARDS OF DIRECTORS
New Board Reporting Offering Will Strengthen Cyber Risk Oversight in the council room
Secure Systems Innovation Corporation (SSIC), the innovators behind X-Analytics, the first cyber risk decision-making application setting the standard for businesses seeking cyber resilience, and the National Association of Corporate Directors (NACD), the authority on boardroom practices representing more than 23,000 directors, today announced that the X-Analytics Cyber Risk Reporting Service has been added to NACD Board Services to help NACD members advance cyber risk monitoring in the boardroom.
While cybercrime is expected to surpass $10 trillion in annual damage by 2025, according to Cybersecurity companies, cyber risk is now seen by many as a critical risk requiring increased board attention. Directors indicate in the NACD’s 2022 Public Company Governance Survey that evolving cyber threats are among the top five issues that will impact their business over the next 12 months.
“We heard from many directors about the need to understand the financial exposure resulting from cyber risk, going beyond the cyber threat-focused technical presentations that most boards receive,” said Peter R. Gleason, President and CEO of NACD. “This new board reporting service is designed to provide financial cyber risk analysis and insights that boards will increasingly need to advance their cybersecurity oversight.”
The Cyber Risk Reporting Service is powered by an application proven within the global cyber insurance industry and large enterprises, to contextualize the business and financial impacts related to potential cyber attacks.
The service can provide boards and management teams with a clear understanding of their company’s cyber risk profile, including in the following areas:
An organization‘s overall financial exposure to cyberattacks
An overview of the cyber threats most likely to cause financial loss to a business
Overview of the most effective mitigation strategy to reduce financial losses
How to align cybersecurity investments with risk transfer/cyberinsurance, including existing “stress test” policies across a range of potential cyber risk scenarios.
“NACD is providing this service to its members at a critical time as business administrators face the growing challenge of effectively overseeing the complex nature of how cyberattacks can disrupt business operations and result in significant financial loss,” said Kevin Richards, president of Cyber Risk. SSIC services. “X-Analytics’ cyber risk reporting service replaces technological confusion and subjective metrics with understandable analysis of financial exposure, putting organizations on the path to cyber resilience.”
Based in the Washington, DC, area, Secure Systems Innovation Corporation (SSIC) is an IT risk analytics innovator whose mission is to transform the way enterprises manage financial exposure to IT risk through the power of data analysis. X-Analytics is a patented, validated cyber risk decision-making platform that is changing the way executives, boards and the cyber insurance industry effectively manage financial exposure to cyber risk . For more information, please visit https://www.x-analytics.com.
About the NCD
For more than 40 years, NACD has been at the forefront of corporate governance, setting standards of excellence that have elevated board performance. NACD provides today’s directors with ideas and education that advance their mission, while preparing a new generation of board leaders to meet the greatest challenges of tomorrow. NACD is a community of more than 23,000 directors driven by a common goal: to be trusted catalysts of economic opportunity and positive change, in companies and in the communities they serve. To learn more about NACD, visit www.nacdonline.org.