1. Establish cyber security leadership

When it comes to effective cyber security, the tone at the top sets the pace for the entire organisation. But who exactly is responsible for driving the initiatives? To properly manage cyber security risks, you need a defined tructured oversight, also called governance.

A traditional approach assigns responsibility to the IT department. However, their primary focus is keeping the company’s systems running and optimised, which might result in a conflict with cyber security interests. They may be able to implement some technical security measures, but they cannot change the company culture – a vital step in truly protecting an organisation.

On the other hand, risk management is the CEO’s domain. Therefore, anticipating and preparing for potential cyber security threats is integral to this role. As the ultimate decision-maker, the CEO needs to connect cyber security initiatives to business goals. They must lead by example and encourage cooperation through every layer of the organisation to proactively manage risks and respond effectively to any cyber threats.

In this way, the CEO acts as the guiding force of cyber security in the organisation. To be effective, they need to do more than achieve compliance; they must shape clear, strategic priorities and foster a culture that supports effective crisis management. The payoff of this commitment is twofold. It equips the organisation to effectively handle a cyber crisis and strengthens overall business operations by aligning leadership actions with the company’s long-term goals and priorities.

Another key player is the CFO, given their capabilities in managing financial risks and compliance. By collaborating with IT managers and other C-level executives, they provide strong support for security initiatives. A best-case scenario involves a Chief Information Security Officer (CISO). Even if the CEO or CFO are ultimately responsible for managing risk, someone needs to act. The CISO can report to the CFO on risk levels and help them make informed, strategic decisions.

2. Balance risk and investment

Cyber security measures can feel like an operational burden, especially for those who don’t view their business as being digital. But consider if your company was suddenly unable to carry out its core activities – whether it be building infrastructure, providing childcare, or stocking store shelves? What if someone obtained the company’s intellectual property and sold it to your competitors? These are very real and potentially disastrous results of a cyber incident.

Effective cyber security strategies aren’t shaped solely by regulation compliance. They are developed through carefully assessing the main risks to the business. Start by identifying your essential processes, dependencies, stakeholders, suppliers, and core operations. Then, combine this information with Cyber Threat Intelligence insights and the current security posture of your organisation to determine risk-based priorities and effective mitigation strategies.

Of course, new threats emerge as technology evolves and your business needs to stay agile. Don’t fall for the common misconception that regulation compliance guarantees protection against cyber criminals. Continuously assess risks and refine your approach to address new vulnerabilities.

3. Develop a secure foundation for innovation

An integrated approach to risk management goes beyond throwing out a safety net; it can actually boost the capacity for growth and innovation. Today’s truly groundbreaking ventures have more to offer than being the first to market with a new idea or technology. People want to trust in the value companies promise to deliver. The ability to securely handle and safeguard data, also known as Digital Trust, is now inseparable from overall business credibility. It lays the foundation for building customer loyalty and company integrity.

Simply put, cyber security is a business enabler. A secure environment empowers a business to push boundaries and explore new horizons. With an integrated security approach, you can experiment and implement the latest technologies with peace of mind. Protect endeavours from the get-go, so you can expand boldly and sustainably.

4. Commit to protections that benefit society

People are increasingly recognising that cyber security is crucial to the safety and well-being of themselves, their families and communities. Therefore, as stewards of digital trust, the role of businesses in protecting sensitive data is becoming a critical component of Corporate Social Responsibility (CSR) efforts. Investors, customers and employees will be watching how organisations prove their commitment to cyber security.

New regulations are further reinforcing this shift. For example, NIS2 and DORA embed cyber security into legal requirements for many organisations and their top-level management. These regulations emphasise the need for comprehensive security practices that effectively protect the organisation and the people they serve and focus on improving the resilience of our society. So, regulatory compliance does more than help businesses (and their leaders) avoid penalties. It’s an opportunity to demonstrate how they make a positive impact by protecting critical infrastructure and safeguarding data.