Business leaders continue to view cybersecurity as an expenditure, a set of tools and protocols to manage, a core responsibility of the IT department, rather than as a component of corporate risk management and governance, or as a key area for strategic business investment. These attitudes can distort the organizational perspective on cyber risk, potentially leading to significant long-term consequences. When insufficient resources are allocated to cybersecurity a diminished cybersecurity posture is the result.
For reasons cited below, repositioning cybersecurity as a business issue has become a critical priority.
Cybersecurity Risks Have Direct Business Impact
- Business Continuity: Cyberattacks can cause significant disruptions to business operations, leading to downtime, loss of productivity and financial losses. For example, a ransomware attack can halt manufacturing operations or disable critical customer-facing services.
- Financial Losses: Cyber incidents can lead to direct financial losses through theft, fraud, extortion and downtime. Indirect costs include legal fees, regulatory fines and the duration of time associated with incident response and remediation…
