Cybersecurity in the age of geopolitical crises and global uncertainties
With cybersecurity attacks increasing both in volume and intensity, varied bad actors entering the fray, and board-level engagement increasing, cyber threats were installed as a main concern for all organizations. Find out more in our latest brochure.
Against this background, it’s no wonder that the C-suite is turning its attention to cybersecurity. Ideally, the board should have a dedicated security leader, but even then it’s vital for all members of the executive team to understand cyber risk in the wider business context. Only then can business leaders make well-informed business decisions, including on investments, that are based on business-relevant priorities. This also relies on a shift in mindset – from compliance to a fully integrated security concept. In other words, the board needs to embrace security by design.
Rather than avoiding risk altogether, security by design is about enabling trust in people, process and technology so that organizations can manage those risks, lead transformational change and innovate with confidence. Done right, security by design infuses cybersecurity and business resilience into every part of every client’s organization and ecosystem. It means organizations achieve maximum benefit from their cybersecurity and resilience investments and infrastructure, while minimizing risk.
Regardless of industry, all companies stand to benefit from security by design. From finance and pharmaceuticals to recruitment to retail, a trusted and demonstrable security posture is a key factor in attracting new customers and improving loyalty. This is even true when things go wrong. It is often assumed that a security breach will result in negative publicity and a loss of customer trust, followed by a soaring churn rate or lack of new customers. We observe that a well-managed security breach can actually increase brand value.
Expectation
100%Gone are the days where cybersecurity can – or needs to be – 100% effective.
In today’s environment, security will never be 100% effective, and society is beginning to accept this and respond positively to a security breach if it is handled in the right way. That means taking swift action, committing to full transparency and communicating clearly to customers and the public. Including details of mitigation plans bolsters trust and shows what the organization is doing to prevent and minimize damage. Ultimately, an organization can emerge from a security crisis not with long-term damage but with renewed recognition for values such as transparency, agility and resilience.
Business leaders need to see the importance of cybersecurity for the whole organization. This starts by demystifying the issue at board level. Cybersecurity has never been more relevant – but it needs to be more tangible. When business leaders truly understand risk, the whole organization benefits from an awareness that reduces risk to an acceptable level.
Summary
With the right perspective, cybersecurity makes a decisive contribution to the success of a company and helps protect the business from potentially costly cyber risks.
Acknowledgements: We thank Eliel Mulumba and Semina Hajradinovic for their valuable contribution to this article.
