November 28, 2023
Managers often delegate responsibility and risk ownership when they shouldn’t. It’s not uncommon for an employee to identify a risk, report it to management, and have it ignored. However, management should be the ones making decisions on how to respond to these risks.
In today’s digital age, cybersecurity is of utmost importance. It is about identifying anomalies that have the potential to compromise the entire business or cause significant financial problems. It’s no longer just the responsibility of the Chief Information Security Officer to worry about million-euro ransoms. Every company leader needs to understand the gravity of the situation and take an active role in addressing these risks.
At NetNordic, we have witnessed these issues in our customers’ way of working. A prevalent misstep is placing the entire burden of cybersecurity on the shoulders of the IT staff. This approach is flawed; cybersecurity is not solely an IT issue. Instead, leaders should foster an environment where every member of the organization feels accountable and empowered to contribute to cybersecurity efforts.
Consider this scenario: if a risk materializes once every five years, and the compromised assets are valued at a million euros, the cost of the risk spread over five years would be 200 000 euros annually. It is essential for company leaders to assess how much money should be invested in reducing the risk annually, and in this exact scenario, the allocated budget should be that of 200 000 euros. More so, it is crucial to prioritize and allocate resources effectively.
Implementing these strategies empowers C-suite leaders to sculpt a robust cybersecurity posture and cultivate a culture of security awareness. Cybersecurity is not just a technical matter; it demands leadership, commitment, and active participation from every echelon of the organization.
At NetNordic, we’ve observed the significance of these principles in shaping our customers’ cybersecurity resilience. The storyline unfurls, with responsibility and vigilance at its core, where each C-suite leader plays a pivotal role in fortifying the organization against the relentless tide of cyber threats.
Chief Information Security Officer
NetNordic Finland Oy
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