A wave of cutting-edge goods and services is emerging in the twenty-first century due to the interconnected power of technology, changing how people live and work. Indeed, cyber vulnerabilities are pervasive in today’s world and will only increase further in the future. Businesses require a robust cyber program to provide creative, connected experiences.
Cybersecurity was once thought of as a way to safeguard information, including financial data, intellectual property (IP), and personally identifiable information (PII). As a result, cybersecurity naturally finds a place in the information technology (IT) division, which has historically maintained and safeguarded data.
However, the repercussions of cybersecurity reach far beyond IT in today’s “everything is connected to everything” environment. A cyber adversary can launch an attack, anywhere connected technology is used, whether on a server in a data center, an oil rig in the ocean, or a pacemaker implanted in a person. As a result, cyber security is essential for protecting information and safeguarding systems and people, both inside and outside the enterprise.
The growing cyber landscape demands a strategy and culture that considers company growth. Businesses change throughout time. Therefore, those in charge must constantly modify procedures, policies, programs, and contracts to proactively and reactively manage risks. Monitoring the threat landscape to assess the organization’s cyber risk posture in real-time is crucial for managing ongoing operations.
When creating solutions that foster an innovative—and secure—environment, two contemporary approaches might be taken into account:
Establish a coordinated governance model
According to a study by Deloitte, cybersecurity is on only 49 percent of boards’ quarterly agendas, and only 4 percent of boards discuss the issue monthly. However, this may change when regulatory agencies start holding boards responsible for understanding cyber concerns and incidents. Boards might demand management reveal critical risk indicators to assess the company’s cyber security situation swiftly.
Establishing an integrated governance model that is in line with important business initiatives and supported by uniform cyber frameworks is one method executives can try to increase cyber’s profile throughout the organization and expand the board’s understanding of the issue. Such an integrated model seeks to break down silos between the IT, OT, and production environments so that security can be considered and implemented seamlessly across their boundaries.
CASE STUDY
A large oil and gas company gathered a broad collection of cyber experts and business leaders to comprehend the refineries’ overall company goals, the workforce and technical capabilities, and the limits (such as sparse internet connectivity). By including the cyber organization in the discussion, the business increased the relevance of cyber and immediately incorporated the necessary skills into the work-design process. The cyber experts could find security holes and adapt the defenses to better suit the company’s commercial goals by delving deeply into the business requirements. Working with business leaders helped close the organizational knowledge gap when business leaders had limited prior experience understanding cyber design and allowed both parties to identify cyber vulnerabilities efficiently.
The effort produced encouraging outcomes. The business first realized that many of its connectivity problems were caused by outdated firewall configurations. It enhanced connectivity and reduced disruptions by redesigning and standardizing the cybersecurity process. Second, project managers discovered that many employees frequently used paper forms and checklists. As a result, responsibilities like monitoring and result tracking were included in the refineries’ regular checklists to encourage worker adherence to strict security measures to integrate cyber considerations into employees’ work successfully. Besides, the corporation decided to replicate the procedure at more than 100 refineries and field operations across the enterprise after the initial successful integration.
Cultivate communities of learning
Businesses frequently implement multiple digital transformations at once rather than just one. This opens up new possibilities for disseminating cyber knowledge and information among various organizations. Departments that previously had little interaction may suddenly be obliged to collaborate due to digital transformation. The cyber department, in particular, is anticipated to become involved in numerous projects. Cyber experts might collaborate with marketing to redesign an e-commerce site or with sales to improve a platform for customer relationship management, for example. With years of experience, cyber organizations can contribute to enhanced cyber security by pledging to increase knowledge sharing.
In the automobile sector, numerous new collaborations of this nature are developing. For instance, some manufacturers now work with technology firms instead of trying to create their smartphone integration software. These open environments grow opportunities for cross-sector sharing of cyber best practices and lessons. A significant illustration of the rising industry collaboration in cybersecurity is the establishment of Information Sharing and Analysis Centers (ISACs), member-driven organizations dedicated to improving cyber protection. They offer member companies a venue where they may exchange security threat information and solutions.
Organizations can accelerate the adoption of strong security practices that can assist them in addressing today’s new and evolving cyber threats by growing the community of learning partners inside and outside the enterprise.
Conclusion
When an organization’s cyber policies are well-known, its leaders might feel empowered to pursue technology advancements to ensure that any potential cyber threats will be managed appropriately. Effective cyber risk management across internal and external organizational boundaries is necessary. This can be done by having a clear cybersecurity strategy. By doing so, an organization can prevent cyber threats from becoming a barrier to innovation and keep looking for new ways to utilize better technology for its benefit and that of its clients.
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