Aligning Board Governance with Enterprise Financial Exposure to Cyber Risk
ARLINGTON, Va.–(BUSINESS WIRE)–Secure Systems Innovation Corporation (SSIC) the innovators behind X-Analytics, the premier cyber risk decisioning application helping businesses achieve cyber resiliency, today announced the immediate availability of X-Analytics Enterprise providing corporate directors and business leaders with an effective solution addressing new disclosure expectations outlined by the U.S. Securities and Exchange Commission (SEC) related the oversight of cybersecurity risk.
On March 9th, 2022, the SEC issued a proposed rule to mandate new cybersecurity disclosures by public companies. The proposed rule would require ongoing disclosures around management and boardroom roles for providing oversight of cybersecurity risks and disclosure on how cybersecurity risks and incidents are likely to impact the company’s financials. This action signals the SEC’s accelerating efforts to protect the investor community and strengthen the U.S. Economy from the impact of cyber risks and incidents.
“The ability to contextualize cybersecurity risk in business and financial terms is the future of enterprise cyber risk management and effective corporate board governance,” said Chris Hetner, former Senior Cybersecurity adviser to the Chair of the SEC and Cyber Risk Advisor to the National Association of Corporate Directors. “The most recent SEC action underscores a critical shift in the Enterprise Risk Management and Boardroom community whereby flying blind with confusing technical jargon must be replaced with financial exposure analysis that can enable clear effective oversight.”
X-Analytics facilitates corporate board oversight excellence related to cyber risk with an effective governance approach to address the potential financial and organizational exposure to cyber risk including:
- The cyber threats and mission critical risk scenarios most likely to cause financial impact to an organization,
- Controls and technology most effective to reduce financial impact to cyber-attacks, and
- Interactive capabilities to illustrate financial effectiveness of future cyber investments – including the ability to define risk tolerance thresholds to support materiality decisioning and potential benefit of cyber risk transfer alignment.
“The pathway to achieving cyber resiliency begins with illuminating and neutralizing the cyber-attacks most likely to cause financial harm to an organization,” said John Frazzini, CEO of SSIC. “With the SEC’s recent action, incoherent and overly technical cybersecurity data in the boardroom must be replaced with financial exposure analysis as the foundation to meet the emerging regulatory requirements as a necessary ingredient for effective governance related to the complexity of cyber risk exposure.”
X-Analytics is trusted within the enterprise risk management community and cyber insurance industry to underwrite and broker global cyber risk exposure and by Fortune 500 companies effectively managing their financial exposure to cyber risk.
About X-Analytics
Based in the Washington, D.C. area, Secure Systems Innovation Corporation (SSIC) is a cyber risk analytics firm whose mission is to improve how businesses manage financial exposure to cyber risk through the power of data analytics. X-Analytics is a patented and validated cyber risk decisioning platform that is changing how executives, boards and the risk management industry effectively manage financial exposure to cyber risk. For more information, please visit https://www.x-analytics.com.
Contacts
Media:
Secure Systems Innovation Corporation (SSIC)
Kyle Ferguson
[email protected]
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