May 24, 2018
May 24, 2018
Cybersecurity is the bedrock of intelligent business. Companies that hope to develop superior customer knowledge, unique insights, and proprietary intellectual property by utilizing digital capabilities will require a robust cybersecurity strategy to underpin the whole. Companies need a strategy that leads to true cyber resilience.
To create a resilient enterprise, companies must make changes in four areas: leadership and governance, funding, organizational culture, and security measurement and monitoring.
Directors and executives should be asking themselves the following questions in order to ensure that they are on the right track.
1. Leadership and governance: Do we really understand what’s at stake for the business?
CEOs and boards of directors fortunately are ramping up their engagement and accountability for cybersecurity. Most CEOs, however, have much more to do. The chief executive’s relationship with his or her chief information security officer (CISO) is critical to the right kind of engagement. The CEO’s relationship with the CISO is also important to the board’s ability to perform sound cyber-risk governance.
CISOs should have oversight of more than just the corporate office, to include functions, subsidiaries, joint ventures, and labs. They should be involved in discussions of any new business initiatives or technologies that will increase cyber risk. CEOs and boards should bring them into the inner circle to help build risk management strategies to support business goals and objectives. The bottom line is that CISOs must become business advisors to leadership and informants of business challenges and successes to boards.
2. Culture: Do we truly put security first?
A big part of embracing a security-first culture is having the right mindset. At the C-suite and board level, cyber resilience and operational performance management should go hand in hand. Security must be a strategic priority tracked and reacted to as part of the tempo of normal business management, much the same as with the profitability of business units. It is a new competence that needs to be built, just like manufacturing excellence or personalization in digital marketing.
This mindset must spread throughout the organization and serve as a spur to proper actions. Line management must understand that they have a primary objective: Protect customers’ data and the company’s digital assets and operations. Fail at this and all else is irrelevant. The same is true for the front lines.
Cultural change must be backed by action and investment, and the buck stops with the board. Ensure your board is asking management whether or not this key culture change is being made across the organization.
3. Funding: How much is the right amount?
Answering this difficult question requires breaking it into two parts:
Getting the basics right isn’t easy. It requires understanding and preparing for the many potential intentions of cyberattackers. It also means hardening high-value assets. Companies must make it as difficult as possible for attackers and limit the damage that’s possible when they do breach the walls.
Breakthrough innovations come from many corners, including business partners, vendors, and alliances across other ecosystems. CEOs and boards should think of the startup community as their company’s route to innovation and experimentation. Once partners demonstrate how their products will integrate efficiently and drive value in the security mission, security professionals must rapidly scale the innovations across their organizations. The CEO can empower that scaling, and the board should be asking the CEO about plans to do so.
4. Metrics and monitoring: Are we measuring for business relevance?
The metrics used in the past to measure business success won’t help in the future. For example, low, medium, and high compliance scores don’t communicate enough about business risk. Rather than information such as project plans on encryption, CEOs and board members should receive metrics on protecting customer data. Rather than metrics around patching (updating software with the latest, most secure versions), they should hear about how the integrity of production environments is being maintained. Companies need business-relevant scorecards on security.
In addition to receiving better information on more relevant metrics, CEOs and boards should improve their own monitoring and understanding of cyber threats. They need to develop muscle memory by taking part in crisis drills and working through attack scenarios. Such practice helps track improvements and lessons learned, and to be prepared to respond immediately when a threat occurs.
The Path to Cyber Resilience
CEOs and boards of big organizations that have been successful at demonstrating cyber resiliency are leading wise pivots to new strategies for security. While these pivots are essential to the survival of businesses, they do bring risks and increased attack surfaces to critical digital assets and operations. Business leaders must engage more directly to own this challenge, because in the future, the only resilient business will be one that is cyber resilient.