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Commentary



TALKING SECURITY STRATEGY: CYBERSECURITY HAS A SEAT AT THE BOARDROOM TABLE

Pending new SEC rules reinforce how integral cybersecurity is to modern business
operations, and will help close the gap between security teams and those making
policy decisions.
Christopher Hetner
Chair, Panzura Customer Security Advisory Council
May 17, 2023
Source: Stephen Barnes Norther Ireland via Alamy Stock Photo
PDF


Cybersecurity is no longer a fringe issue for businesses. What was once a siloed
function, there out of necessity more than anything, is now woven into the
fabric of any successful business. Any business still treating its cybersecurity
initiatives as a side project is setting itself up to fail.



The Security and Exchange Commission (SEC) has laid to rest any doubts about the
importance of cybersecurity with new regulations around how boards of directors
should approach it. The regulations, which are in the process of being
finalized, will require companies to openly report any serious cybersecurity
attack and explain who on their board is responsible for dealing with it. The
regulations also will require businesses to include board of directors'
cybersecurity experience and credentials as part of any public disclosure. This
is yet another indication of how integral cybersecurity is becoming to modern
business operations.


GROWING DOWNTIME COSTS

In 2021, more than two-thirds (66%) of businesses were hit by a ransomware
attack, according to a survey by Sophos. That's a 78% increase from the previous
year, with damages incurred totaling costs of around $20 billion. These costs
aren't just down to ransom payments, but also include the downtime and
disruption targeted businesses endure. In the Information Technology Industry
Council's Hourly Cost of Downtime Survey, more than 40% of companies reported
that hourly downtime costs ranged from $1 million to $5 million USD, not
including any legal fees, fines, or penalties — which publicly traded companies
who fall short of cybersecurity standards can be subject to.

The evolving threat landscape — combined with new regulatory frameworks like
that put forward by the SEC — means that cybersecurity cannot be an afterthought
or a bolt-on. It must be core to business operations, and that means it needs a
seat at the boardroom table. However, according to a recent analysis of data by
the CAP Group, 90% of boards are not ready for the new SEC cyber regulations.




FAILURE TO PREPARE IS PREPARING TO FAIL

The cybersecurity ecosystem has progressed in leaps and bounds in recent years.
Once a siloed function of business, using reactionary tactics to chase down and
isolate threats, it now has a proactive, networkwide presence that often
leverages threat intelligence, penetration testing, and AI to bolster cyber
resilience. However, most cybersecurity teams are still heavily focused on
addressing technical-level threats, which are then used to inform security
policy and mitigate risk. This leaves a gap of understanding between security
teams and those authoring policies and making decisions higher up the chain.



This gap is a vulnerability. Most cybersecurity teams lack the tools or
functionality needed to contextualize threats in a way that can be acted upon by
other business, operational, and financial personnel. If this "disconnect"
between business objectives and cyber resiliency continues, businesses will
leave themselves exposed regardless of how thorough their cybersecurity
initiatives are. 




CLOSING THE COMMUNICATION GAP

It's the responsibility of chief information and security officers to evaluate
threats and understand to what extent they might threaten their organization, so
that action can be taken in line with new security regulations. This means that
threats need to be contextualized and communicated as part of an overall
enterprise risk management strategy involving finance, compliance, operational,
and management teams, as well as board members. 

To achieve this, CISOs will need to step out of their technical jargon comfort
zone and communicate threats and their potential impact to other C-suite
executives in a way that can be easily interpreted and understood.

This will mean evolving security initiatives into broader risk-mitigation
initiatives. Machine learning-powered risk mitigation can play a significant
role in helping businesses contextualize cyber threats. By analyzing large
volumes of data and detecting patterns that may not be immediately visible to
human analysts, machine learning algorithms can identify potential security
threats so that businesses can take proactive measures to deal with them.

For example, machine learning algorithms can analyze user behavior data to
identify patterns that deviate from normal usage patterns, such as repeated
failed login attempts or access attempts from unusual locations or devices. By
identifying these anomalies, businesses can take proactive measures to identify
a potential attack, such as locking user accounts or implementing additional
authentication measures. 

Another area where machine learning can be useful in the context of cyber-threat
mitigation is in predicting the likelihood of future attacks. By analyzing
historical attack data and identifying common characteristics of successful
attacks, algorithms can identify potential attack vectors and help businesses
prioritize their security efforts accordingly. This might involve analyzing
patterns in the frequency and severity of attacks, as well as the methods and
techniques used by attackers. This information can then be used to develop
predictive models that can help businesses anticipate future threats and take
measures to not only mitigate them, but identify and communicate about them with
those at the top.

It's vital that publicly traded companies have a firm understanding of their
risk posture and vulnerability. With directors now being held responsible for
their company's cybersecurity infrastructure, it's even more vital that
director-level teams can quickly and easily understand this vulnerability and
any potential breaches. This can be achieved through a combination of new,
machine learning-powered solutions, advisory hires that can "translate" and
parse the potential fallout of threats, and CISOs taking a more consultative and
advisory approach in how they deal with cyber threat resilience.

Cybersecurity is no longer a fringe issue — it has a seat at the boardroom
table, and if businesses can't fill that seat, they need to make sure the person
sitting there is as well-informed as possible. 

Keep up with the latest cybersecurity threats, newly-discovered vulnerabilities,
data breach information, and emerging trends. Delivered daily or weekly right to
your email inbox.
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