Making the Case for Cybersecurity

Adopting a generic approach while broaching the subject of cybersecurity issues with the board of directors features prominently in the modus operandi of most businesses, regardless of whether the stocks of these companies are traded publicly or not. Most of the consultation efforts are centered around this objective. This generic approach often extends to the manner in which companies in different sectors that operate at different scales respond to cybersecurity issues.

Cybersecurity teams can enhance their research in this domain by consulting numerous reference material available in the market. However, these studies often leave out a lot of detail pertaining to precise pain points which in turn impacts the cybersecurity team’s ability to persuade the board. One way to address this reality is by putting existing control measures, C-suite decision making and managerial strategies under the microscope. This article throws light on some of the best practices to develop a cybersecurity response effort that is effective, yet relevant.

Prioritize Business Response to Risk

Identify risks and then prioritize them based on their impact to business. Periodically evaluate existing mitigation measures, even enhance them if required, to protect the enterprise’s commercial interests. Detect unresolved risks that still linger on in the operational landscape. Consider how they can be managed or offset by shifting their ownership to an external entity. Put together an executive team that’ll be responsible for optimizing the end results of this process.

Not All Issues are Related to Cybersecurity

Many of the risks are not directly linked to cybersecurity. But the repercussions implicitly impact IT systems. So it is imperative to gain an in-depth understanding of different components within assets, resources and services, as well as the operational interplay between them.

Understand the Commercial Implications of Cybersecurity Risks

Businesses want to address cybersecurity risks because they slow down revenue generation. So the commercial implications of all risks on both tangible as well as intangible assets must be carefully considered.

Integrate Cybersecurity Across the Operational Environment

Board members are often presented with numerous corporate proposals that require financial and bureacratic backing. Available funds and resources need to be distributed in a weighted manner across all these projects that contribute to the organization’s bottom line. So board directors might not always be willing to invest in standalone cybersecurity initiatives owing to budgetary constraints. A better strategy would be to approach teams and departments whose projects and proposals are going to be reviewed by the board and educate them on the advantages of incorporating a cybersecurity module into their project blueprints. This serves the added advantage of decentralizing and distributing cybersecurity risk ownership across the entire organization.

Quantify the Effectiveness of Cybersecurity Measures

It is important to illustrate the effectiveness of existing cybersecurity response mechanisms by including measurements of predictive and proactive response capabilities:

• Identifying the different CISO tools available to enhance cybersecurity and understanding their effectiveness by developing and documenting a diverse range of end user narratives
• Assessing how well cybersecurity has been incorporated into essential processes such as audit, regulatory adherence, security, quality control, as well as operational procedures such as investments, sale of assets, manufacturing new goods that address evolving customer requirements, enhancing and compensating employee productivity, talent acquisitions, developing a roadmap for future projects, allocating financial resources, and so on
• Empowering employees and external entities associated with the organization through training programs and knowledge transfer initiatives to implement cybersecurity measures in their daily tasks
• Gauging plan effectiveness based on how they perform in the simulated environments depending on how closely these environments mirror real life scenarios
• Leveraging a fair degree of autonomy while assessing cybersecurity risk mechanisms and establishing an ongoing cycle of continuous improvement
• Rendering high-end technical support, simplifying end user experience while working with different security products and services, generating reports that provide granular visibility and insights into control mechanisms
• Identifying industry relevant regulations that the organization’s cybersecurity solution must comply with to establish a competitive advantage in the market

Position Cybersecurity as Conducive to Profitability

Cybersecurity contributes to a lot more than merely preventing business disruptions that hamper revenue generation. A wide range of benefits can be harnessed such as improvements in technical support, greater individual productivity and risk appetite, eliminating the need for expensive coverage programs, and so on.

Involve Key Executives

Obtaining approval for cybersecurity can be made a lot more easier if key C-suite executives are involved in presenting the proposal to the board of directors. These individuals are extremely capable in influencing decisions but can also play a crucial role once projects are underway. The simultaneous involvement of multiple individuals from the C-team would present different dimensions on the core requirements for implementing a cybersecurity capability.

Provide Counter Perspectives for Cybersecurity

The case for cybersecurity initiatives can be strengthened by providing opposing viewpoints, not to deter the board of directors from approving the project, but to convince them that the organization’s operational premise in terms of background, requirements and solution has been exhaustively researched and the proposed cybersecurity initiative is effective enough to surpass all foreseeable constraints.

These viewpoints can be presented as a standalone entity that in no way interferes with the main cybersecurity proposal, but merely to illustrate that all occupational hazards have been acknowledged and that the proposed plan will be address them as and when required.

Identify Interested Board Members

Board members do not always agree unanimously on every decision they take. Some might be more willing to support a cybersecurity risk initiative than others. So, it is prudent to identify those who are more forthcoming with support and use their influence to persuade the other members.

Establish Risk Measurement Mechanisms

The end result is more important than the resources utilized – Enterprises often confuse improving a cybersecurity solution’s performance with cutting back on expenses. The ultimate objective is to augment cybersecurity measures regardless of how well resource utilization can be optimized.

Adopt a simplified approach – Don’t adopt intricately designed frameworks that work with large data volumes if there aren’t protocols in place for ensuring data protection and precision.

It is impossible to cover all risks – So, while putting forth a cybersecurity proposal, it becomes imperative to outline a BCDR strategy that justifies prioritizing certain risks above others. Strategy selection must align with the company’s overall business objectives.

Carefully select the risks you want to address. These different risks of varying impact will collectively form the enterprise’s risk landscape. Create a repertoire of commonly encountered issues and elaborate on their corresponding response measures. Evaluate these response measures against relevant metrics to identify areas for improvement.

Clearly define what needs to be measured and to what extent – This would be a direct function of the company’s mission critical operations and their respective risk threshold. Measurement mechanisms then constantly monitor operations and immediately inform the concerned teams the moment preestablished threshold limits are on the verge of being exceeded.

Survey All Relevant Cybersecurity Incidents

Keep a close watch on all cybersecurity incidents that have previously occurred in the organization and in other companies that have similar operational environments.  Earmark these incidents as a reference for evaluating the organization’s existing response capabilities, identifying and resolving pain points, and showcasing the advantages of investing in the proposed cybersecurity solution.

Conclusion

Board members are more attuned to adopting a macro perspective on business concerns. So when presenting a cybersecurity solution and elaborating on minor details, it becomes all the more important to illustrate the big picture and the business impact on the broader scheme of things to make an effective pitch and close the deal.