In the realm of cyber risk, security and risk management leaders often struggle to connect the dots with business stakeholders, causing a significant disconnect. The key to bridging this gap lies in effective communication. Here are some strategies to consider:
Understand the Risk Appetite of the Audience
As stated in the Forbes article titled “Effectively Communicating Cyber Risk with Business Leaders”, “Risk appetite refers to the extent of risk an organization is prepared to tolerate in pursuit of its strategic goals. Recognizing that operating without any risk is unrealistic, organizations engage in a delicate balance between accepting certain risks and mitigating others whenever possible.” Before presenting to business stakeholders, security and risk teams must understand their organization’s risk appetite to effectively communicate updates and offer actionable recommendations.
Become an Effective Storyteller
The same Forbes article also mentions, “Effective storytelling aims to achieve three primary objectives: informing and educating, influencing decisions and altering behaviors.” Although technical jargon might not capture a business audience’s interest right away, linking these topics to how they impact the bottom line or customers can make business leaders more receptive.
Include Qualitative Elements
According to the Harvard Business Review article titled “The Art of Communicating Risk”, “firms facing the question of whether and how to communicate risk often err too far in either direction. When organizations alert their customers to every potential risk, they create notification fatigue… When firms do the opposite… Customers interpret time lags as incompetence, or worse, as obfuscation and protection of corporate reputations at the expense of protecting customers.”
Master Speaking on a Business Level
The Forbes article suggests, “Cyber and risk leaders must craft their communication to resonate with a business audience.” Using techniques from behavioral science, leaders can communicate uncertain risks in a way that will protect customers and foster trust. This could involve strategies such as framing the information in a way that is relevant to the audience, using clear and simple language, and providing actionable steps that the audience can take to manage the risk.
In conclusion, effectively communicating cyber risk with business leaders is a delicate balance of understanding the audience’s risk appetite, storytelling, including qualitative elements, and speaking on a business level. By mastering these strategies, cyber and risk leaders can ensure their messages are not only heard but also understood and acted upon.