Presenting Cybersecurity to the Board: The Real Risk of Breaches and Benefits of Good Security Practices

Introduction

Cybersecurity is a critical issue for organizations today. With an increasing number of threats, including malware, phishing attacks, ransomware, and data breaches, it’s essential that businesses take steps to protect their networks and data. However, many organizations are still not taking the necessary steps to secure their networks and data. This article will explore how to present cybersecurity to the board in a way that is both informative and compelling.

Use Statistics to Show the Real Risk of Cybersecurity Breaches

One of the best ways to show the board the importance of cybersecurity is to use statistics to illustrate the real risk of cyberattacks. According to research from Cybersecurity Ventures, cybercrime is expected to cost the world $6 trillion annually by 2021. Additionally, the Ponemon Institute found that the average total cost of a data breach was $3.86 million in 2018. These numbers demonstrate the true financial impact of cyberattacks for organizations.

It’s also important to explain the types of attacks that pose the greatest risk to organizations. For example, ransomware attacks involve malicious software that encrypts a user’s files until a ransom is paid. Phishing attacks involve sending emails or texts that appear to be from a legitimate source, but are actually designed to steal data or money. Malware is malicious software that can be used to gain access to a user’s system or data.

To further illustrate the risk of cyberattacks, it’s beneficial to provide examples of recent breaches. For instance, the Equifax data breach of 2017 compromised the personal data of more than 140 million people. The Target data breach of 2013 exposed the payment card information of 40 million customers. And the Yahoo data breach of 2013 affected all 3 billion of its user accounts. Clearly, these incidents demonstrate the serious damage that can be caused by cyberattacks.

Explain the Financial and Legal Implications of Poor Cybersecurity

In addition to illustrating the potential damage of cyberattacks, it’s important to explain the financial and legal implications of poor cybersecurity. According to IBM, the average cost of a breach cleanup and recovery is $3.86 million. Additionally, regulatory fines and penalties can add significantly to this cost. For instance, the EU’s General Data Protection Regulation (GDPR) includes a maximum penalty of 4% of global annual turnover or €20 million (whichever is higher).

Organizations must also consider the potential reputational damage of a breach. A study by the Ponemon Institute found that the average cost of lost business due to a data breach is $4.25 million. Customers may be less likely to trust an organization that has been breached, leading to a loss of sales, customers, and brand value.

Describe What Good Cybersecurity Looks Like

The next step is to explain what good cybersecurity looks like. Organizations should have clear policies and procedures in place to guide their approach to cybersecurity. They should also provide employees with regular training and awareness programs on cybersecurity topics. Finally, organizations should implement appropriate technology solutions, such as firewalls, antivirus software, and encryption, to protect their systems and data.

Show How Cybersecurity Can Benefit the Organization

It’s important to emphasize to the board that investing in cybersecurity can bring significant benefits to the organization. For instance, good cybersecurity can improve efficiency and productivity by reducing the amount of time spent dealing with security issues. Additionally, it can help build customer confidence by demonstrating that the organization takes its security seriously. Finally, investing in cybersecurity can help the organization stay competitive by ensuring that it is able to protect itself from the latest threats.

Illustrate Examples of Other Companies’ Successful Cybersecurity Strategies

It can be useful to show the board examples of other companies’ successful cybersecurity strategies. For instance, Microsoft has implemented a comprehensive cybersecurity strategy that includes regular employee training and awareness programs, as well as sophisticated technology solutions. By examining innovative approaches taken by other organizations, the board can gain valuable insight into effective cybersecurity strategies.

It’s also important to examine the results from these implementations. For instance, Microsoft’s cybersecurity strategy has led to a significant reduction in successful attacks on its systems. Additionally, the company has seen increased customer confidence, which has translated into increased sales. By showing the board the tangible results that can be achieved through effective cybersecurity strategies, it can be easier to convince them of the importance of investing in security.

Conclusion

In conclusion, presenting cybersecurity to the board is essential for any organization that wants to protect itself from cyberattacks. By using statistics to illustrate the real risk of cyberattacks, explaining the financial and legal implications of poor cybersecurity, and outlining the benefits of good security practices, it’s possible to make a compelling case for investing in cybersecurity. Additionally, by providing examples of successful cybersecurity strategies from other organizations, it’s possible to show the board that investing in cybersecurity can bring tangible benefits to the organization.

In short, good cybersecurity is essential for any organization that wants to protect itself from the growing threat of cyberattacks. Investing in cybersecurity can lead to improved efficiency and productivity, increased customer confidence, and enhanced competitiveness. Organizations should act now to ensure that they have the appropriate policies, procedures, and technology solutions in place to protect themselves from cyberattacks.