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Why security needs to move to the boardroom – and increasingly does

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Guus Van Es - General Manager Security Consulting Europe BT Global Services

By Guus van Es, GM Security Consulting Europe, BT Global Services

What is the biggest risk for business according to business leaders themselves? One of the best ways to know is asking people who deal with risk as part of their model: insurance companies.

In the 2015 edition of its annual Risk Barometer, Allianz found that businesses are least prepared for cyber risks. It’s a crucial challenge as the risk of Cybercrime is the fastest growing category of overall business risks in the Allianz barometer. In fact, for the first time Cybercrime moved into the five key business risks and in some countries, including Germany, the UK and the US, cyber risks are even in the top 3.

The disconnect between boardroom and IT: time to close it

 

Furthermore, cyber security breaches directly impact the number one business risk overall in this digital economy: business interruption (and supply chain). Cyber security concerns clearly have entered the boardroom.

That said executives need to take a more active role in protecting their companies from Cybercrime as previously mentioned on BT’s Let’s Talk Security blog. There often is a de facto disconnect between the risks boardrooms are aware of and the reality as it’s reported by chief information security officers (CISOs). Organisations with the best security setups have executives who see security as a key priority.

Those executives ensure insight and pro-active management of their overall risk landscape at a top level to embed security awareness across the organization into the company’s DNA.

Mean Time Before CEO Apologizes

 

Another indicator regarding the importance of security for the boardroom is a remarkable and eye-opening piece by Forrester analyst Rick Holland, published on May 20th.

Holland shows two cases of recent breaches and CEOs apologizing for them, introducing what he calls a new “incident response metric”. The metric: MTBCA, short for Mean Time Before CEO Apologizes.

No one wants to be that CEO just as no one wants to be known for using the term “sophisticated attack” as an attempt to deflect responsibility, as Holland describes it.

The boardroom is increasingly rethinking and prioritising the security risk. Boards are also increasingly scrutinising the impact cyber risks can have on their business and reputation. CIOs and CISOs as such have the challenge to align IT and Security with business priorities, facilitating users and associated business applications while controlling cost and leveraging legacy investments.

BT is rethinking the risk. Are you as well? Join the discussion in our LinkedIn Let’s Talk group.

 


 

BT is a Premier Sponsor at Gartner Security and Risk Management Summit taking place in National Harbor, MD (Washington DC metro) 8-11 June. Please visit BT at booth 335 and join our speaking session with Mark Hughes, President BT Security, Jason Cook, VP Security, Americas, and customer CISOs, on Rethinking the risk and register for the BT Vendor User Group to hear about the evolving threat landscape from Konstantinos Karagiannis, CTO, Security Consulting Practice, BT Americas.


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