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C-SUITE INVOLVEMENT IN CYBERSECURITY IS LITTLE MORE THAN LIP SERVICEC-SUITE
INVOLVEMENT IN CYBERSECURITY IS LITTLE MORE THAN LIP SERVICE

Collaboration with security teams, making cybersecurity a core principle of
business strategy, and investing in defenses better position organizations to
thwart threats and ensure business continuity.

Raja Mukerji, Co-Founder & Chief Scientist, ExtraHop

August 23, 2024

5 Min Read
Source: Iulian Dragomir via Alamy Stock Photo


COMMENTARY

No organization is immune to today's looming cybersecurity threats. Whether a
large enterprise or a small business, building proactive defenses is critical to
day-to-day functions. It's just as essential to manage cyber-risks as it is to
manage other business risks, since successful attackers have the power to
financially cripple businesses, damage reputation, and affect continuity.

Amid today's rising threats — from ransomware and data breaches to the impact of
geopolitical and nation-state threats — true cyber preparedness requires the
right internal collaboration and tools to bolster business resilience. The
responsibility for managing cyber-risk is a collective effort, and everyone
plays a role — especially the C-suite.

A new report from ExtraHop found that while four in 10 US organizations look to
their executive management team to help assess their cyber-risk exposure, only
one-fifth feel there is a high level of involvement and commitment from the
C-suite. This raises the question: Are industrywide claims of cybersecurity as a
board-level discussion little more than lip service to stakeholders?


LESSONS LEARNED FROM PREVIOUS ATTACKS

This information illustrates a worrying trend, especially as regulators are
holding the C-suite accountable for data breaches. We saw this in action as
the SEC charged SolarWinds' chief information security officer (CISO) with fraud
and internal control failures following a two-year-long cyberattack. And the
recent hearings on the Change Healthcare ransomware attack also exposed the
burden placed on the CEO role, setting a precedent for these leaders to be
questioned in-depth by the senate on wide-reaching cyber incidents. 

Taking what we've learned from infamous, large-scale attacks and the resulting
fallout, we can justify the real problem affecting major companies, the C-suite
and board, and security teams: overconfidence. The report found that a vast
majority of IT decision-makers (88%) feel confident about their organization's
ability to manage cyber-risk. Yet, the findings show that this isn't the case —
many are ill-prepared to do so, and there's a lack of direction and attention
from the C-suite, which is contributing to the problem. 

Take ransomware, for example: Despite their confidence, more than half (58%) of
respondents experienced more than six ransomware incidents in the past year
alone, while 40% experienced 10 or more. To highlight the points of failure, 51%
claim more than half of their organization's cyber incidents are related to poor
cyber hygiene. Half of all organizations surveyed admitted to running at least
one insecure network protocol that threat actors are known to exploit. A lack of
preparedness and ability to reveal cyber-risk can play a significant role in the
ransomware uptick we're seeing globally.


CYBER PREPAREDNESS CALLS FOR BETTER INTERNAL ALIGNMENT

In the same report, 15% of respondents cited a lack of alignment between the
business and cybersecurity as the most significant barrier to managing risk,
reflected in nearly a quarter of respondents indicating that they'd need a 26%
to 50% increase in budget to mitigate threats effectively.

The disconnect between business plans and cybersecurity needs suggests that
organizations must take cybersecurity more seriously. Leadership involvement is
critical when it comes to meeting regulatory requirements, and prioritizing
cyber-risk management across the leadership bench helps security and IT teams
make better decisions and provide direction during an incident. Making
cybersecurity a core company value, where the C-suite prioritizes time and
investments in security solutions, is crucial.

Making cyber-risk management a staple topic during planning meetings and within
the boardroom affirms alignment across the organization. It also ensures that
cybersecurity fits into all strategic initiatives. At a basic level, this means
establishing better cyber hygiene across all employees, security solutions, and
workflows. The C-suite must lead by example and provide the resources and
training necessary for all employees — not just security and IT teams — to
understand their own personal security's impact on the organization.

As it comes to investing in tools, C-suites should allow a budget for various
methods to assess cyber-risk and ensure all stakeholders are involved. These
include tools such as penetration testing, red-team exercises, and threat
modeling assessments. In addition, having full network visibility can help
detect and stop attacks in the early stages — long before threat actors can
achieve their objectives and cause harm to an organization.


SUCCESSFUL INTEGRATION OF CYBERSECURITY IN EXECUTIVE STRATEGIES

So, what happens when cybersecurity becomes a key component of the C-suite and
board's day-to-day priorities? Several organizations have demonstrated exemplary
integration of cybersecurity into their executive strategies, setting benchmarks
for others to follow. One notable example is JPMorgan Chase, which significantly
bolstered its cybersecurity defenses following high-profile breaches in the
financial sector. The company's CEO, Jamie Dimon, took a proactive stance by
prioritizing cybersecurity as a core business concern. JPMorgan Chase invested
more than $600 million annually in cybersecurity, employed more than 3,000 IT
security professionals, and established a dedicated cybersecurity operations
center. This comprehensive approach, driven by top-level leadership, ensured
robust protection against evolving threats and underscored the critical
importance of executive involvement in cybersecurity.

Another example is Equifax, which undertook a significant transformation
following its 2017 data breach. The company appointed a new CEO, Mark Begor, who
prioritized cybersecurity as a top business imperative. Under his leadership,
Equifax invested $1.5 billion in overhauling its cybersecurity infrastructure,
including the adoption of advanced security technologies and the creation of a
new chief information security officer (CISO) role. This strategic investment
and executive commitment not only enhanced Equifax's security posture but also
restored trust with stakeholders and positioned the company as a leader in
cybersecurity resilience.

No organization wants to be the next Change Healthcare or SolarWinds. As an
industry, the C-suite and organizational leaders hold the power when it comes to
establishing companywide precautionary measures and defenses. Collaboration with
security teams, making cybersecurity a core principle of business strategy, and
investing in defenses ultimately better positions organizations to thwart
threats and ensure business continuity.

Read more about:

CISO Corner



ABOUT THE AUTHOR

Raja Mukerji

Co-Founder & Chief Scientist, ExtraHop

Raja Mukerji is the co-founder and chief scientist at ExtraHop Networks, where
he is responsible for customer services, solutions architecture, business
development, and technical alliances. Raja drives customer success, leveraging
his operational background in the financial services industry. Raja co-founded
ExtraHop in 2007, after a seven-year tenure at F5 Networks, where he was a
senior software architect and co-inventor of the TMOS platform. Raja was a lead
developer behind the BIG-IP v9 product and the major accounts liaison for
critical customer-facing issues within product development. Before F5, Raja
worked as a technology architect at Strong Capital Management. Raja is a
renowned expert in application delivery and network protocols. He was involved
in the FreeBSD project and contributed to several enhancements to its TCP stack.
Raja holds a bachelor of science degree in computer engineering from the
Milwaukee School of Engineering.

See more from Raja Mukerji
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