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Cyber is one of the most commonly used terms on the risk landscape and is growing fast. There is extensive thought leadership available on all things cyber, including a myriad of surveys and detailed statistics about incidents, attack vectors and threats. What does it actually mean? How is it different to what businesses are already doing?
There is no denying that our use of technology has changed, and therefore our risk landscape has evolved. Governments, regulators, customers and employees demand that we keep up to date and proactively deal with the risk.
One size does not fit all
Some organisations like the bigger banks and other large companies are well advanced in this space. This is thanks to dedicated budgets, senior executive engagement and participation, large internal resource pools and established trusted relationships with third party providers and insurers that all collectively help them to mitigate the risk. For them, it is about continued investment and evolving the plan.
What about the majority of other businesses and sectors that are not so advanced but still carry the same or similar levels of risk? How are they going about this and in particular, how are they getting to the next level of detail that helps them sift through the fear and hype and convert ’Cyber‘ into an action plan with tangible results?
The first step can be the hardest
It is easy and common place to dismiss cyber as a technical problem that sits exclusively within the remit of IT. There is a technical side of cybersecurity that cannot be ignored, however ’Cyber’ is more than just technology. Cyber resilience is also about people, awareness, a supportive culture and behaviours. It is about preparation, accepting that 100% prevention is unlikely and that being ready to deal with incidents and learn from the challenges is a required mindset.
Whilst the first step may be the hardest, it has become clearly apparent that the benefit of action brings with it trust and confidence and a chance to continue to grow and evolve our business.
Our Cyber services
View the McGrathNicol Future of Cyber video.
For a glossary of common cyber crime terminology click here.