ANDRÉ SWART: Cybercrime costs are eye-watering, but companies are in denial

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This criminal sector is now the world’s third-largest economy after China and the US

Cybercriminals cost the world $7-trillion in 2022, making cybercrime the world’s third-largest economy after China and the US., while data breaches rose 15.1% from the previous year.

Cyber resilience is more than cybersecurity. It’s about the organisation’s ability to continue uninterrupted services and operations despite cyber events. Cyber resilience is an important intersection for the executive and board of directors. This critical nexus for risk management, business continuity, cybersecurity, finance and technology requires joint leadership commitment.predicts that by 2025, 40% of boards will have a dedicated cybersecurity committee, which will affect the way cyber resilience is reported and monitored.

Cyber resilience must be central to risk management strategies to protect the organisation’s highest risk assets. Business leaders should develop risk-focused, top-down resilience strategies and cyber road maps that can be implemented across geographies, jurisdictions, and operating environments. The best approach is cross-functional and collaborative, with an emphasis on culture and skills development. This would improve efforts to address IT risk, operational risk, business continuity, data protection and privacy, anti-corruption, anti-fraud, ethics, end-user education and training, and cyber practices and culture.

Executives are often faced with managing the risk resulting from reduced investment in digital, and being expected to do less with more. Technology leaders should be mindful that boards are more interested in how digital investments will create value for the organisation than the technology solution itself. Navigating this important difference will uphold the credibility of technology leaders and lead to technology investments that enable the organisation’s goals.

 

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