Businesses are experiencing a paradigm shift with digital business being fully embraced across several platforms. Business leaders have to make technology-related choices every day as they further their digital business initiatives. However, with the exceptional ease of doing business, there are also several risks that especially the CISOs and CIOs need to mitigate. Data security risks are real, and so are the data security solutions. CISOS AND CIOS Must Engage In Digital Risk Management To Build A Resilient Digital Business
Have you implemented efficient digital risk management procedures in your business? If you had double thoughts on it, then this article will help you take drastic steps and build a resilient digital business.
The Exigency of a Resilient Digital Business
A digital business operates far beyond the realms of boardrooms and IT department, and this is the area where cyber-attacks are common. As data is exchanged from clients, any loose ends could be detrimental for business. For example, client information, personal files, payment information, bank account details, etc. is potentially dangerous when in wrong hands. According to a report from McKinsey, cybersecurity is considered to be a top priority by 75% executives, but only 16% say that their company is well prepared for cyber-attacks. The risk of cyber-attack is lurking out there, and having a resilient digital business is a key to be well prepared.
For a business, being resilient means to design a strategy to grow and sustain changing digital environments by being quick to implement ever-evolving digital options. Due to external circumstances if there is a failure, switching to less technology-driven process is almost impossible and this is why being resilient is a need of the hour. Being a resilient digital business means to understand the technology, the risks involved, and also the opportunities to make it a success.
Core Idea of Being Resilient
As decision makers, CISOs and CIOs have a heavy responsibility towards executing technology plans in the business. In a constantly evolving world, these decision makers need to move seamlessly and quickly; an agile decision-making process is required to keep up with the pace. With agile decision-making process, it is also important to quickly rebound and recover while moving forward if things do go wrong. Digital resilience is considered to be synonymous with cybersecurity by many, but that would mean a narrow outlook towards security. Several other business concepts that fall under being resilient are:
- Change management
- Operational risks
- Business resilience
- Competitiveness as well
It is a challenge to get all of the above-listed concepts taken care of along with keeping core focus on cybersecurity. Here are some of the guiding principles for CISOs and CIOs to execute their responsibility of being digitally safe and prepared.
Differentiate Digital Resilience from Digital Security
Security is all about securing your digital perimeter so to speak in this context. On the contrary, resilience means to stand up to do your business while fighting back at the same time. In these times, security is important to protect your business but it is definitely not sufficient. An attacker might just find a loophole and get through regardless of strong security practice.
“Digital resilience is to have an ability to stay connected, fight back, and continue doing your business following a cyber-attack”
CISOs and CIOs: Are you future ready?
How much security is good enough for a resilient digital business? This is the question that most CISOs and CIOs ask time and again. The problem here is that a “good enough” security for every business depends on technology, changes, and
circumstances over time and so it could be imprecise when compared with another business. Professional audits can help mitigate risks to avoid damages and make sure security is compliant to the industry. However, it is crucial for the C-Suite executives to take all reasonable care and implement the industry standard security. CISOs and CIOs must evaluate their own organization and take numerous factors into account before making an informed decision on the level of security which is “good enough”. This means that defense measures must be implemented by considering the current and foreseeable risks that could penetrate the security shield.
Get Buy-in from the Board and C-Suite Executives
Educate your top officials on how resilience is not a security but a crucial business issue. Management needs to look at it as any other business issue that could impact the organization. This involves budgeting digital resilience as a business with a competitive value proposition. As this education is spread across the decision makers, it will also transcend into the others in the organization. This will help you stay in business even in the event of a successful cyber-attack.
Make Informed Decisions about Digital Risks
Yes, as CISOs and CIOs you expect the cybersecurity threats to increase and may even affect your organization someday. Cybercriminals don’t operate on a local but on a global scale, and their exploitations are quite common. Advanced technology is misused by these criminals to take advantage of any security loopholes in an organization. Remember that they are learning advanced digital lessons just as the businesses trying to protect themselves. So it is crucial that appropriate digital risk management decisions are taken from the top and implemented across the organization. Allotting or delegating security responsibilities and having an accountability model will help take a systematic approach towards security.
A resilient digital business is not a service or a product that you can simply purchase out there in the market. It is a realization that can only work when this operational philosophy is deep-rooted within every individual of the organization;
especially the CISOs and CIOs. A resilient digital business also has a competitive advantage over others in the market. So rather than waiting for a cyber-attack to happen on your business, it is crucial to take the right steps today and mitigate risks through strategic planning.