Financial reporting
Cybersecurity has a direct impact on the financial situation of a company and hence the financial reporting role of the CISO. Every security initiative from the CISO has to be evaluated for the financial impact it has on the company's business operations. Both the direct and indirect consequences should be evaluated and quantified in terms of the impact they have on the business. The direct impact initiatives include purchasing security tools and systems, as well as paying for security consultancy. These initiatives are easy to quantify and easy to control. The budgeting process for these initiatives can be done alongside the other budgets for other departments in the company. With proper planning, the security team can make plans for gradually improving the security situation based on a prioritized set of security risks and possible business impacts.
The indirect financial costs are much more difficult to determine and control. These result from initiatives...
