Business Consulting Firm Adds Cyber Risk Benchmarking to Enhance Executive Decision-Making

The Challenge

Northview Business Consulting is a Toronto-based management advisory firm known for data-driven recommendations. Internally, the firm lacked cyber risk benchmarking to measure and communicate its security maturity. Basic controls were in place, including endpoint protection, phishing awareness training, and annual compliance checks. However, leadership had no standardized metrics to quantify the firm’s posture or compare it with peers.

The gap became visible when a major client requested evidence of cyber maturity during contract evaluation. Northview could not provide a recognized framework or measurable indicators. An internal audit then surfaced additional weaknesses: an incident response plan that had not been tested for more than a year, inconsistent data classification, and undersecured cloud configurations. Without benchmarking, executives delayed key investments, and risk remained poorly understood across departments.

Within months, two data handling issues occurred, one involving misplaced client files and another caused by unauthorized cloud sharing. Although limited in scope, the incidents damaged credibility. A prospective engagement valued at approximately $1.2 million was lost because the firm could not demonstrate sufficient cyber risk management maturity. The case highlighted a broader industry issue. Many advisory firms still treat cybersecurity as a technical expense instead of a measurable governance concern.

Our Solution

We implemented a Cyber Risk Benchmarking and Governance Integration Program tailored to professional services subject to PIPEDA and Canadian privacy requirements.

– Maturity assessment: Applied the NIST Cybersecurity Framework and ISO/IEC 27005 risk analysis to establish baselines and identify control gaps.
– Benchmarking dashboard: Built an executive dashboard that compared Northview’s risk scores and control performance with industry averages. The dashboard integrated with existing board reporting so that cyber metrics appeared alongside financial and operational indicators.
– Governance enablement: Delivered workshops for directors and department leads to interpret risk metrics and align decisions with enterprise risk management.
– Independent validation: Scheduled recurring third-party reviews and prepared for evolving requirements under Canada’s Digital Charter Implementation Act (Bill C-27).

The Value

Within six months the firm saw measurable improvements:
– Executive risk literacy increased by 40 percent, based on pre- and post-training assessments.
– Cyber incidents decreased by 60 percent, supported by tighter access control, improved data handling, and continuous monitoring.
– Client confidence recovered, evidenced by two renewed contracts totaling $2.3 million in the next quarter.
– Audit readiness achieved, with alignment to NIST CSF functions and ISO/IEC 27001 control domains.

By positioning cybersecurity as a strategic governance metric, Northview improved decision quality, reduced operational risk, and strengthened competitiveness in bids that require demonstrable security maturity.

Implementation Roadmap

Phase 1: Assessment and Discovery (Months 1–2)
– Comprehensive posture review against NIST CSF.
– Peer comparison to establish initial benchmarks.
– Gap analysis for data protection, incident response, and reporting.

Phase 2: Framework and Analytics Design (Months 3–4)
– Development of a cyber risk benchmarking dashboard.
– Definition of KPIs and KRIs for executive and board reporting.
– Integration of metrics with enterprise risk processes.

Phase 3: Governance and Capability Uplift (Months 4–5)
– Executive and department-level workshops.
– Updated data classification and incident response standards.
– Onboarding of an independent assessor for quarterly reviews.

Phase 4: Validation and Continuous Improvement (Month 6 and ongoing)
– Internal audits to verify control effectiveness.
– Biannual benchmark refresh to reflect market changes.
– Ongoing compliance with PIPEDA, ISO/IEC standards, and Bill C-27 developments.

Final Outcome: Northview shifted from a reactive stance to a proactive, analytics-led governance model. Cyber risk benchmarking became part of routine executive decision-making, which improved trust with clients and positioned the firm to compete for security-sensitive engagements.