Updated: Apr 10
Hi Friends. Robert Band, your CFO advisor here. Maxxsure is an online platform that quantifies cyber risk for companies and holds the mirror up to management teams as it relates to their performance in cyber risk management. Today I have Jesper Sahlberg from Maxxsure with me to explain how their platform is the reporting engine for all cyber risk activities.
Cyber risk is dynamic, evolving daily as ne’er do wells scheme to steal data or extort money from cybercrime. Leaders must think through their risks, quantify the financial exposures, implement strategies to limit risk, transfer risk via insurance, bake risk awareness into their culture and monitor their risk practices. Maxxsure measures performance in the six pillars of cyber risk management.
Cyber incidents are common and costly. If you’re data is stolen, the reputational damage could be severe, with customers choosing a competitor over you. Or if your network is locked by a hacker, you could have to pay ransom to get it back. There are practices you should implement, even if you’re a small business, to defend yourself. These practices could lower your cyber insurance premiums too.
Also, there is a growing call for a company’s risk management performance to be reported in their SEC filings and perhaps other regulatory agency filings. So, the strength of your risk practices is of interest to outsiders and this is another reason to use a tool like Maxxsure.
This is Robert Band, your CFO consultant and business finance expert. Picture your company operating smoothly with the right people, well-designed processes, and great financial management in place. Imagine how nice your life would be. Well, I’m here to help you if you’re ready.