Starting from the Top: Envisioning a New Cybersecurity Paradigm
The boardroom is the high vantage point of a corporation, strategically placed for executives to monitor strategic business operations. It is the nexus of control, giving complete access necessary for a company’s vertical structure to function without a hitch. It is, therefore, a prime target for malevolent factors looking for a breach in its cyber defenses. The highest level of decision-making has always come with the highest risk factor. If business leaders are not aware of how and when their communications can be jeopardized, their negligent behavior may pose a threat to the entire operation.
New research and investments are necessary, and as a result, the global cybersecurity market size is set to surpass $374.9 billion by 2028. Figuring out how to safely navigate the validation layers of the global marketplace is no longer relegated to an occasional query to the IT department; it is a core business question deserving of a place at the boardroom table. After the pandemic changed how many corporations operate, shifting from the office-based to the work-from-home model, the risks associated with proper data governance have increased exponentially.
Leading by Example
These hybrid models require eclectic solutions, and they need to be implemented from the top floor. A recent KPMG study outlined the need for a detailed map of contingencies in the case of a cyber attack, and senior management needs to look at the new type of threats from a business lens. Providing proper clearance to the company’s CIO and turning asset protection into a net positive can increase the company’s market valuation due to complex metrics such as Cyber Maturity Assessment, recognized and implemented globally.
The New Type of Executive
While not every business leader needs to be tech-savvy, being able to survey the emerging landscape is a prerequisite for every modern boardroom. Giving an expert a place at the table is quickly becoming a prerogative, as the United States Senate recognized by introducing a Cybersecurity Disclosure Act, and investors are taking notice. Australia has followed with its own cyber-related laws, and we suspect more legal frameworks will be created shortly.
The world of cybersecurity is in constant flux as professionals become aware of the new system vulnerabilities. Building a security grid flexible enough to withstand these challenges requires a proactive approach from business leaders and security professionals, realizing that the synergy between business and cybersecurity represents the natural outcome of these developments.