Generative AI
CyberRisk
February 10, 2023
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The National Cyber Security Centre of the UK recognizes the crucial role that board members play in ensuring the cybersecurity of their organizations. To support this effort, they have created a Board Toolkit which serves as a comprehensive guide for board members to understand their responsibilities and take proactive steps in managing cyber risks. In this blog, we will delve into the key points highlighted in the Board Toolkit and explore how organizations can build a robust cybersecurity culture with the active involvement of their board members. Whether you're a seasoned leader or just starting to learn about cybersecurity, this blog will provide you with valuable insights and practical tips to enhance your organization's cybersecurity posture.
Every day, we see new threats discovered and exploited. While many of these threats are discovered and patched before they can cause damage, every day still brings news of potential intrusions or breaches - sometimes not even reported to management. We need to bridge the gap between the technical and business world if we're going to make any progress in preventing cyberattacks and protecting business networks. The fact is that a large proportion of executives don't know how to engage in cyber security, let alone know that it's something they need to do.
Most security teams struggle to make the technical information business-friendly, and in the process, they spend time filtering out and creating charts and graphs that look good but are not comprehensive and accurate. From a business leader's viewpoint, conversations about information security are often viewed as nerd talks. That's unfortunate because the technology industry could use more good-natured, positive exposure. It's time we stop trying to fit in and start celebrating the amazing things both sides can do to inspire positive Cybersecurity culture.
We can start by giving business executives opportunities for more training and awareness, but we must go further to overcome these barriers. We must start viewing Cybersecurity with an Industry lens - its potential business impact - both in terms of risks and competitive differentiator. It will enable Cybersecurity leaders to understand the business context in greater detail, and at the same time, equip business leaders to appreciate the potential Cybersecurity risks in their businesses.
In the EY article, "How CISOs can build and sustain a cybersecurity culture" it is emphasized that a strong cybersecurity culture within an organization is crucial in preventing cyberattacks and protecting sensitive information. The article highlights the importance of effective communication and collaboration between the technical and business sides of an organization, as well as the need for ongoing training and awareness programs.
Building a participative Cybersecurity culture starts by building awareness across the organization. For example - you can invite Cybersecurity experts into some of the critical meetings. It will help raise the overall Cybersecurity awareness in your organization. These experts can be from the peer industry, academics, or even from your competitors. Information sharing around the policies, best practices, and expected behavior will bring down human mistakes and internal threat actors.
The European Union Agency for Network and Information Security (ENISA) has published a report on the importance of establishing a strong cybersecurity culture within organizations. The report highlights the need for organizations to create a culture that values and prioritizes cybersecurity by educating employees, promoting security awareness, and encouraging active participation in protecting sensitive information.
The financial services sector faces unique risks when it comes to cybersecurity, with regulations such as the EU's General Data Protection Regulation (GDPR) and the New York State Department of Financial Services' (NYDFS) Cybersecurity Regulation putting added pressure on companies to implement strong cybersecurity measures. A breach or failure to comply with regulations can result in significant financial losses, reputational damage, and a loss of customer trust.
More recently, Industries like Retail, consumer goods, and travel have become more active in tackling Cybersecurity risks proactively. The next strategic direction for these industries will be to enable the participation of suppliers in managing cybersecurity risks. The way to ensure this is to empower the supply chain community to work together effectively by leveraging best practices and Cybersecurity models. The challenge for the suppliers is to understand - how they can contribute meaningfully to an integrated approach and help identify cyber threats in a way that is consistent with their processes and improves their overall security posture.
Furthermore, building a Cybersecurity participative culture requires a structural adaptation. Cybersecurity must be embedded into the organizational structure to become the core differentiator and not the hindrance. Boards and executive teams must have critical conversations with their management teams to bring Cybersecurity to the forefront. The integration of information security into organizational structures can help improve data protection and protect IP, thereby creating a more resistant and resilient organization.
About two decades back, when internal financial controls started to emerge, the board took an active role to enable the culture of financial integrity through financial processes and organizational-wide cultural change. The situation is the same now for Cybersecurity. Board must actively take charge and create a Cybersecurity committee to drive a participative Cybersecurity culture.
At Alfahive, we firmly believe that strong cybersecurity begins with extensive knowledge of the business and industry. Our cyber risk management strategy aligns with our clients' specific business operations, empowering them to grasp, quantify, communicate, and make data-driven decisions that bolster their resilience. Our platform leverages industry-specific, data-driven models and innovative machine learning technology to proactively identify and quantify the unique cyber risks for each industry, with two outputs: financial exposure in dollar terms and the likelihood of an impact. This approach offers two key benefits. Firstly, the time to value is significantly reduced since the model is pre-trained with industry-specific information. Secondly, the use of financial terms enables all business and technology stakeholders to communicate effectively, without the need for technical expertise.
