Your employees look to you for leadership when they are unable to interact with customers, manufacture products, or deliver services. And, the CMO just called to say you are getting slammed on social media because your website is down.
When you finally get ahold of your IT leadership team, they inform you that all of your corporate data and systems have been infected and encrypted by malware. The attackers who claim to have the decryption key are asking for $1 million. Your CIO advises that you pay the ransom, because you have no other way to recover the data—but warns you that there is no guarantee the data can be recovered, even if you receive the key.
This is a nightmare scenario for a corporate leader, but one that is increasingly real. It happens every day to businesses of all sizes, in all industries, in private and public sectors. It is the reason that cybersecurity threats are the top business concern for CEOs in the United States.
At West Monroe, we work with executives who are highly attuned to protecting personal data because it is what customers expect and compliance requires. Data breaches have flooded the headlines and avoiding them has become the No. 1 concern for most.
"The truth is, focusing on data protection and security alone does not lead to a satisfactory defense—and it is frustrating executives who continue to see their cybersecurity spend rise without much return for their investment."
Too much of the focus, we see, is on technology and tools, cost and spending, data and insurance. Not nearly enough of the focus is on people and processes, continuity of business operations, documenting and practicing incident response plans, and spend that drives value.
In other words, it’s time to purge your preconceived notions about cybersecurity and take a fresh approach to cybersecurity that protects your business from today’s threats—and tomorrow’s. Resiliency is now the mandate.
By reading this paper you will:
- Broaden your view of cybersecurity beyond data protection and concentrate on cyber resiliency, which ensures operational continuity, minimizes losses, and strengthens customer trust
- Become armed with real-life examples that demonstrate the increasing sophistication of attackers, and how to build a cybersecurity strategy for not just the “right now” but for the future
- Learn how to change hearts and minds within your organization by taking a fresh approach to organizational design, employee culture, technology investments, and preparedness