Cyber is an enterprise-wide risks that impacts all aspects of financial statements and business operations. It is recognised as a complex risk to manage, often under funded and requiring a clear and concise strategy if it is going to be successfully managed. Cyber strategy forms the basis for cyber risk management and recognizes that the management of cyber security and cyber risk is a corporate priority. Cyber strategy identifies key objectives and deliverables and sets the direction of travel. Without a well articulated and agreed strategy an organisation will not affectively manage cyber risk, and will likely waste time and money trying to achieve goals it may not actually reach or which do not enable it to manage cyber risk.
The cyber strategy identifies the appropriate cyber framework and standards (NIST, ISO 27001, CMMC) which the organisation will adopt, it will define objectives, outcomes and success criteria and outline the costs associated with meeting the strategic outcomes. In line with organisations overall business strategy, to which it forms an important input. Without a well articulated and agreed strategy an organisation will not affectively manage cyber risk and will likely waste time and money trying to achieve goals it may not actually reach or which do not enable it to manage the risk.