TALKING

Organizations are purchasing more products to generate more lists , based not on objective measurements but subjective abstractions of the CIO , security team or competitor enterprises .

On average , enterprises deploy 45 cybersecurityrelated tools . However , there is a definite lack of cohesiveness in determining what is going well and what could be better . To put it in perspective , enterprises that deploy over 50 cybersecurity tools rank themselves 8 % lower in their ability to detect threats than other companies employing fewer toolsets !

There is no industry standard determining the fundamentals enabling financial institutes ( FI ) to answer one simple question : How secure are they today ? When the CEO can be held accountable for an organization ’ s breach ( as per the GDPR ), the board gets more curious and involved in the decision-making processes of cybersecurity than ever before .

In such a scenario , cybersecurity should transform from being jargon-rich to simple , unified and easy . Managing , mitigating and measuring risk objectively is the fundamental shift required , and this comes with the knowledge of an enterprise ’ s breach likelihood .

Financial institutions needed to adopt breach likelihood yesterday by looking at cybersecurity through compliance frameworks only , with point-in-time reports from siloed tools . It is time they moved from reactive and defensive risk management to predictive risk management through breach likelihood , which simplifies cybersecurity .

Saket Modi , Co-founder and CEO of Safe Security

Organizations are purchasing more products to generate more lists , based not on objective measurements but subjective abstractions of the CIO , security team or competitor enterprises .

Gartner defines Integrated Risk Management ( IRM ) as “ practices and processes supported by a risk-aware culture and enabling technologies , that improve decision making and performance through an integrated view of how well an organization manages its unique set of risks .”

The building block of IRM is enterprise risk . Currently , organizations have tried and failed to protect data

Computing an enterprise ’ s breach likelihood leverages technology that is not alien to the BFSI sector . Machine Learning-enabled predictions are already being deployed in insurance , employee welfare and customer experience . A large online payments system uses Deep Learning , algorithms , multi-class models and more to sieve fraudulent and genuine transactions by deriving actionable insights from their story-model analysis .

www . intelligentcio . com INTELLIGENTCIO LATAM 37