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Demystifying the relationship between cybersecurity and business

Despite this lack of confidence, cybersecurity experts are not typically offered seats at the top table in organizations

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DQINDIA Online
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cybersecurity

Our society has undergone unprecedented digitalization that has prompted business executives and leaders to learn to effectively analyze and manage cyber risk. However, organizations are now far more vulnerable to cyberthreats due to the rising usage of digital information and technology in daily operations. The COVID-19 pandemic has contributed to the growth in cyberattacks – causing many businesses to accelerate their digital transformations; employees to switch to remote or hybrid working modes; and a proliferation of platforms, systems, and devices allowing for this change. 

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Any business today must become more cyber resilient as data breaches become more serious and frequent. According to the World Economic Forum’s Global Cybersecurity Outlook 2022 report, only 19% of leaders feel confident that their organizations are cyber resilient.

Despite this lack of confidence, cybersecurity experts are not typically offered seats at the top table in organizations. A collaborative approach among cybersecurity specialists and leaders from various divisions of the company can assist in building a cyber resilient organization. Such measures will encourage a learning culture in addition to assisting in preventing the inevitable issues brought on by technological risks.

The number and sophistication of cybersecurity threats are increasing, with malware attacks tripling and ransomware attacks quadrupling recently. In India alone, banking frauds touched 1.38 lakh crore value in the 2022 financial year, according to Statista. The detrimental effects extend beyond those on an organization’s profits and brand image. These incidents can harm the transportation infrastructure, information and communication networks, social cohesiveness, and jeopardize an individual's mental health. Companies must be aware that despite sophisticated cyber security measures, they are still susceptible to cyber risks. Therefore, there is a need for systems that can aid businesses in recovering from such occurrences and starting up again.

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Cultivating transparency and trust for a secure workplace

Organizations need to make continuous exercise a key component of their cybersecurity toolkit if they want to develop cyber resilience among their workforces. They must instill an open culture where everyone understands that security is everyone's duty. It's a component of a larger goal that necessitates ongoing cooperation between corporations and security experts. We as individuals can be slow to see and respond to threats, much like siloed systems, but with collaboration, we can work together and take action as a unit to maintain safety.

Enterprises are becoming more vulnerable to data and technology risks as they adopt contemporary business practices and advance toward digitization. Corporates and boards must invest in increasing their cyber resilience to keep up with the digitalization of business. Businesses that have prioritized cybersecurity have had fewer interruptions. Building a culture of cyber resilience will further support a company's survival as well as nurture public trust. Making cyber resilience part of the ethos will increase the chance to innovate, take calculated risks, and responsibly capture the value of the digital economy of the future.

The auricle has been written by Theuns Kotze, Managing Director Assurance BSI India, Middle East , Turkey and Africa

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