The pace of change in today’s business landscape is increasing complexity and introducing new risks that challenge our understanding of what good business practice means in a connected world. Progress is being held back by a real lack of understanding amongst business leadership of the nature of cyber risk, the mindset needed and where investment is required to manage the risk. 

Senior management and boards need to apply their business acumen to the assessment and adopt a more holistic understanding of both the nature of the cyber risk that their organisation may face and the potential impact to guide the necessary treatments.

What Every Business Leader Should Know About Cyber Risk.

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This paper explores the requirements from a business perspective, emphasising concepts that must be embedded within accepted practices, and where there is need to recognise new areas of management. We share five fundamental areas to help your business take back control of cyber risk:

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So What Should Business Leaders Know About Cyber Risk?

1.   Accept cyber risk is a business risk
2.   Align cyber spend to your risk
3.   Create a culture that prevents vulnerability
4.   Get control of data
5.   Ensure security and privacy are ‘baked in’ to processes

Do your ambitions include taking advantage of all that the digital economy has to offer?

(ISC)² EMEA Managing Director Adrian Davis talks to Telegraph Business Reporter Studio Debates about how understanding of cyber risk contributes to success in a digital economy. 

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Cyber Risk is Business Risk

What Industry Experts are Saying

Paul Taylor, Partner UK Head of Cyber Security at KPMG:

"It's clear that cyber risk now merits board-level attention, alongside legal and financial risks. For example, data-privacy laws mean that cyber security is now closely intertwined with legal risks and financial risks while the digitalisation of business IP means cyber security is increasingly as important as physical security, if not more so. Cyber security should now a key consideration in everything from product design to recruitment and training."

Brian Honan, Owner and CEO, BHConsulting:

"A number of years ago those concerned about cyber risk were primarily in the IT function and even then the issues were focussed on technology issues. Today as organisations rely more and more on technology, IT, and the Internet for the ongoing success of their business we see this attitude changing. We are now being approached by members of the C-suite, the board, or the audit committee on how they should be managing cyber risk. Organisations that do not treat cyber risk as a key part of their overall business risk management are not effectively managing their business."

Bola Rotibi, Analyst at Creative Intellect Consulting:

"Cyber risk is not only a business risk in its own right, but it also substantially increases other risks. For example, a data breach can expose a business to litigation, fines, financial losses from an exodus of customers and even the loss of valuable IP. With an extreme cyberattack estimated to have a potential impact equivalent to that of a major hurricane, a failure to invest sufficient time and resources in mitigating against cyber risks, can be cataclysmic. As businesses look to operate with more connected solutions, products and workforces, they  need to develop a comprehensive cyber risk management strategy, taking into account everything from legal compliance to product development and mergers and acquisitions."

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