Cyber risk is not just IT Risk. It’s business risk.

Leaders are increasingly recognizing the dangers in our connected world, where cyber incidents can wreak havoc on finances and reputations alike. The 2021 Gartner Board of Directors Survey confirms this increase - showing a dramatic shift since 2017 when only 30% viewed cybersecurity as a business risk compared to 88%. This indicates that boards now understand just how grave the consequences could be if adequate measures aren’t taken against potential threats. No one is immune to cyber threats, and the potential costs of being unprepared can be devastating. Cyber security is no longer an issue faced by IT teams alone, but rather one with significant financial risks for businesses at large. 

Leaders understand the potential for catastrophic losses associated with a breach and Gartner's 2021 Board of Directors Survey reveals an alarming acceptance - 88% view cybersecurity as a business risk, up 30% since 2017. Businesses must take proactive steps to secure their operations before it’s too late or face losing everything from customer trust to entire companies in the event of cyber-attack.

The Cost of Poor
Cyber Security 

It’s easy to think that cyber-attacks will only affect large organizations, but this isn’t true - any organization could become a target regardless of its size or sector. The cost of poor cyber security is immense; it can lead to reputational damage, financial losses, legal ramifications, and disruption of services. In addition to the direct costs associated with responding to a breach or attack, there are also indirect costs such as lost revenue from customers who no longer trust your organization or who have been affected by an attack. 

Creating a Culture
of Security 

Organizations need to create a culture of security, which means that everyone in the company should understand the importance of cybersecurity and take responsibility for protecting their data and systems. This requires clear communication from management about expectations for employees when it comes to cybersecurity best practices and protocols. Establishing policies and procedures that set out what is expected from all employees is essential in creating a secure environment. Additionally, providing training on cybersecurity topics such as phishing attacks and password safety will help ensure that everyone understands how they can help minimize the risk of attack or data theft.   

Organizations must recognize that cyber risks are real business risks and take steps to protect themselves accordingly. Creating a culture of security starts at the top—executives must demonstrate leadership by setting expectations for employees around cybersecurity behaviors and protocols. Investing in appropriate technology solutions, training staff on cybersecurity topics, creating policies for security protocols—all these steps are necessary for organizations looking to reduce their exposure to cyber threats now and into the future. Taking these proactive steps today can save an organization from suffering costly consequences down the road if they become victims of an attack. By treating cyber risk like business risk you can keep your organization safe from outside threats while allowing you to focus on driving growth within your business without worry or distraction.

Build Cyber Resilience with C1Risk

C1Risk will help your organization to take decisive, data-driven action on cyber risk and build a more resilient future. This single, powerful, interconnected risk framework allows you to easily connect and analyze critical cyber risk information from across the enterprise.

• Assess risks more accurately and make better-informed cyber investment decisions

• Strengthening visibility into the overall compliance profile with real-time reports
  
  

• Controls across multiple IT regulations and frameworks, improving compliance and saving effort and costs
  
  

• Proactively manage and mitigate IT and cyber risks with continuous control monitoring for effective cyber risk management