Book Image

Building a Cyber Resilient Business

By : Dr. Magda Lilia Chelly, Shamane Tan, Hai Tran
Book Image

Building a Cyber Resilient Business

By: Dr. Magda Lilia Chelly, Shamane Tan, Hai Tran

Overview of this book

With cyberattacks on the rise, it has become essential for C-suite executives and board members to step up and collectively recognize cyber risk as a top priority business risk. However, non-cyber executives find it challenging to understand their role in increasing the business’s cyber resilience due to its complex nature and the lack of a clear return on investment. This book demystifies the perception that cybersecurity is a technical problem, drawing parallels between the key responsibilities of the C-suite roles to line up with the mission of the Chief Information Security Officer (CISO). The book equips you with all you need to know about cyber risks to run the business effectively. Each chapter provides a holistic overview of the dynamic priorities of the C-suite (from the CFO to the CIO, COO, CRO, and so on), and unpacks how cybersecurity must be embedded in every business function. The book also contains self-assessment questions, which are a helpful tool in evaluating any major cybersecurity initiatives and/or investment required. With this book, you’ll have a deeper appreciation of the various ways all executives can contribute to the organization’s cyber program, in close collaboration with the CISO and the security team, and achieve a cyber-resilient, profitable, and sustainable business.
Table of Contents (14 chapters)

Quantifying cyber costs versus return on investment

While some organizations have well-developed cybersecurity strategies and programs, most think they have adequate processes in place, and many more still believe they are not a target for cybercriminals. Those who think they have appropriate programs and those who think they are not targets have little to support their current comfort level, other than they have not yet experienced any discomfort. However, it may already be too late when they do encounter a cyber incident, which is inevitable. According to IBM’s Cost of a Data Breach Report 2021, the average cost of a data breach in the United States is an alarming $8.64 million.

Many small businesses would not survive such an expense, and larger businesses that can take on such a big expense would still feel a painful financial impact. In addition to the financial loss, other costs include direct and indirect losses following a cyberattack and/or data breach. There can...