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Cyber Risk Management: Essentials for the Practical CISO

Two confident businesswomen looking at computer monitor while working in the office together

Speaker: James Tarala
Event: SANS Webcast
Date: April 25, 2024
Watch on YouTube: https://www.youtube.com/watch?v=3xUC5xhLshw 

Introduction 

Cybersecurity professionals often struggle to balance risk management with business objectives. In this SANS webcast, James Tarala discusses the fundamentals of cyber risk management and how CISOs can integrate security governance into broader business operations. 

James Tarala emphasizes that cybersecurity is not just about technology but about enabling the business. He explores the ongoing disconnect between security teams and executive leadership and provides practical frameworks for bridging that gap through effective risk management strategies. 

 

Key Takeaways 

  • Cybersecurity enables the business—it is not just a cost center. 
  • Risk management should align security objectives with business priorities. 
  • A structured governance model can improve security effectiveness. 
  • Organizations need to move beyond compliance and focus on actual risk reduction. 
  • CISOs must communicate security risks in business terms to gain leadership buy-in. 

The Disconnect Between Security and Business Leadership 

One of the primary challenges facing cybersecurity leaders is the disconnect between security teams and business executives. 

  • Security teams prioritize security above all else. They focus on compliance, technical controls, and risk reduction. 
  • Executives prioritize business growth and efficiency. They view security spending as an expense rather than an investment. 

This results in friction between security and business goals. Security leaders must frame cybersecurity as a business enabler, rather than just a protective measure. Risk management provides a bridge to align security strategies with organizational objectives. 

 

Understanding Cyber Risk Management 

James Tarala introduces a structured approach to risk management, which involves: 

  1. Understanding the Organization’s Mission – Cybersecurity exists to support technology teams, which in turn support business operations. 
  2. Identifying Key Business Risks – Organizations must assess their biggest cyber risks and prioritize resources accordingly. 
  3. Integrating Governance with Security Operations – Security teams should adopt a governance model that includes risk assessment, control selection, and program validation. 
  4. Measuring and Communicating Risk – Risk reporting should be clear and actionable, providing executives with a business-focused understanding of cyber risks.

 

The Role of Governance in Risk Management 

James Tarala presents the Cybersecurity Risk Foundation (CRF) Governance Model, which outlines a seven-step framework for managing security programs effectively: 

  1. Initiate – Obtain executive buy-in and establish a governance charter. 
  2. Inventory – Identify and classify assets, data, and technology stacks. 
  3. Select – Choose cybersecurity safeguards based on risk assessments. 
  4. Educate – Train employees on security policies and risk awareness. 
  5. Implement – Deploy security controls and monitor effectiveness. 
  6. Validate – Conduct risk assessments and control evaluations. 
  7. Communicate – Provide business leaders with clear, actionable security insights.

 

Practical Steps for CISOs 

Tarala provides actionable advice for CISOs and security leaders to improve risk management: 

  • Align Security with Business Goals – Understand business priorities and position cybersecurity as a key enabler. 
  • Develop a Risk-Based Security Program – Move beyond compliance checklists and focus on real-world risk reduction. 
  • Use Data to Drive Decisions – Measure security effectiveness and communicate risk in business terms. 
  • Prioritize Security Investments Wisely – Focus on high-impact security controls that reduce risk efficiently. 
  • Leverage Industry Frameworks – Use standards like CIS Controls, NIST Cybersecurity Framework, and ISO 27001 to guide security strategy. 

 

Actionable Insights 

  • Adopt a Governance-First Approach – Security programs should follow a structured governance model for better risk alignment. 
  • Integrate Risk Assessment into Decision-Making – Use risk analysis to prioritize security investments and justify spending. 
  • Improve Security Communication – Explain risks in terms of business impact, rather than technical jargon. 
  • Focus on Proactive Risk Reduction – Move beyond reactive compliance efforts and implement security as a proactive business strategy. 
  • Engage with Leadership Regularly – Establish ongoing conversations with executives to ensure security aligns with organizational priorities. 

 

Conclusion 

Cybersecurity risk management is not just about protecting systems—it’s about enabling business success. By implementing a structured governance model, communicating risk effectively, and focusing on high-impact security controls, CISOs can position security as a strategic business function. 

For organizations looking to strengthen their cyber risk management practices, Tarala’s practical approach offers a clear roadmap for achieving both security and business alignment. 

 

For more insights on this topic, watch the full webcast here.