Cyber risk must be articulated as a fundamental business risk and regularly reviewed at board level. Yet in many organisations cyber is still considered a risk the IT department will address, despite the existential threat for the entire business that a cyber-attack poses.
While there are many considerations to make from a security perspective, there are five cyber security concerns in particular that businesses must be aware of, namely:
- Ransomware/destructive malware which causes an interruption to business operation
- Significant loss of data resulting in reputational damage, regulatory fines, or loss of license to operate
- Attacks on Operational Technology (OT) cause a safety issue, loss of life, environmental damage, and impact to business operations
- Targeted attack/espionage result in the loss of intellectual property and market leadership / share
- A disaffected employee who may cause one or all the above
To insulate yourself against these threats, it is important to understand what technology assets exist within your estate. Whilst this may sound basic, many organisations lack a good inventory of the Information Technology (IT) and Operational Technology (OT) they hold. This means that understanding the value of the assets from a confidentiality, integrity and availability perspective is key.
To do this well, one must understand the criticality of the end-to-end business process which the asset supports, and ensure appropriate protections are in place by using methods such as threat modelling, security assessments, vulnerability scanning and asset lifecycle management.
It is also worth coordinating with the internal Audit (IA) team, and the CISO and the Head of IA should jointly develop the IA plan to target resources to areas of the most concern and risk to the company. Having the Head of IA and the CISO collaborating on a consistent and coherent view of the risk to the Executive team and Audit committee is a powerful way of balancing both your cyber and operational risk.
It is critical that cyber risk is articulated and owned as a business risk. Cyber is a trigger for business impacting events, however, what sets cyber apart is the pace and extent of the damage.
With digitalisation increasing at an unprecedented rate, it is vital that you ensure your systems are secure by design and that the software development lifecycle is robust. Understanding the threat to your company is critical in being able to detect and respond to attacks if they arise.
Reliance acsn has a suite of solutions available to businesses looking to protect themselves from potential cyber risks. Get in touch to discuss a solution that is right for you.