Cyber security - confidence in your digital future
PwC's Richard Horne, Partner in Cyber Security, discusses the management of cyber risk and its fundamental part of business management.
Businesses are under constant pressure. Leaders need to get a grip on managing resilience-related activities instead of blindly focusing on cutting costs and aggressively streamlining operations.
The last decade has seen countless examples of businesses brought to their knees by a lack of foresight or poor crisis management. Many events have exposed the shortcomings of traditional risk management, putting resilience at the top of board agendas. Yet many organisations are still not making the connection between resilience and success.
Many organisations are making lazy investments as a result of ill thought-through decisions. They lack the capabilities, tools and approaches needed to make their investment in resilience effective, and too few understand or measure the factors that contribute to their resilience long term. Are these gaps you need to fill?
Building digital trust: You need to be aware of your cyber security risks, be able to assess which cyber threats and possible cyber attacks could actually affect your business goals and have the agility to deal with new information security threats as they arise.
Many leaders lack visibility of their business transformation programmes. Sponsors often feel removed from the detail of a change management programme and need help to feel closer, increasing their confidence and certainty of achieving the desired outcome
Your regulatory response reflects the level of control you have in your business. Regulatory compliance can be turned from a requirement to a source of commercial advantage.
Promises are made between people, not organisations or contracts. Risk assessing contractual obligations, understanding sub-contractor risk and improving governance maturity will help to increase levels of third party trust.
Aligning your culture, behaviours and beliefs is the key to success. If there is a mismatch between the intended, espoused and actual behaviours, the consequences for your organisation can be serious.
Leaders need to integrate enterprise risk management with strategy, improve their risk profile, embed good corporate governance, implement stress testing and embed continuous monitoring instead of focusing on cutting costs and aggressively streamlining operations.