Take the Cybersecurity Conversation to the Board
The increasing incidents and escalating costs of cyber attack are making cybersecurity a concern that is necessitating far more attention and involvement from board members than ever before. This will ultimately be a very positive move forward in the fight against cyber crime for the companies and boards that adopt this stance. Find out why. Photo by Chip Somodevilla/Getty Images.
Cyberattacks have been top-of-mind for security professionals for many years, yet only within the last few years has a strong sense of urgency or escalation of the conversation gone beyond the IT side of the business.
Today, companies of all sizes in all industries are susceptible to cybersecurity incidents stemming from intentional or unintentional acts, and the costs and frequency of these incidents has surged. From business interruptions, lost revenue, ransom payments, remediation expenses, legal implications, cyber insurance, and damage to brand equity, cybersecurity incident costs jumped 13% between 2020 and 2022 – and that’s why we need to take the cybersecurity conversation to the board level.
In addition to costs, recent concerns like the Russia-Ukraine war and nation-state cyberattacks have also lifted the veil on cybersecurity, making its value much clearer to those overseeing business decisions. Most organizations agree that the board needs to focus on cybersecurity, but it’s still unclear what these conversations should look like. The risk has become too high and the consequences too great for cybersecurity to continue as a lower-level issue, and an SEC proposal may push companies to focus in.
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