16 Nov Smart tech on board
The new kids at the top of business-town are recognising that cybersecurity and cyber warfare are gamechangers that demand investment beyond the tech department . Security vulnerabilities in big business create a crossroads that share ramifications interdepartmentally. Corporate cyber attacks have focused heavily on the loss or theft of data and privacy but this is too narrow a scope that dismisses the reputational loss of a company. Add to this the manufacturing arm or logistics department of big business; we saw what happened to Lion beverage conglomerate and Toll when they lost control of their logistics. They lost product, customers and inevitably money.
There is a link here to communications and marketing too. Can a business withhold its reputation after a cyber attack and how do they report it quickly to mitigate loss and comply legally with new Australian legislation? Big questions.
The Australian Financial Review recently interviewed global head of cyber consultant, Paul O’Rourke from Boston Consulting Group to talk corporate strategy and cyber risk, which he believes are interlocked. BCG is a consulting firm taking a different approach to business strategy that envelopes technology and cyberattack. They research company clients and imagine a cyber attack and 1) take preventative steps and allocate resources strategically, 2) stocktake company assets and prioritise accordingly to protect the foundations and, 3) calculate the financial cost, BCG call this, “evidence based cyber strategy”.
According to O’Rourke, boards are required to get involved, just as they have when making decisions about a company’s digital transformation. Companies that have either a digital foundation at their heart or have ingrained tech capability are in a much better position to digitally progress and endure cyber attacks.
Faster Networks help businesses protect their digital assets. We are a cyber security partner that brings the best software solutions that anticipate and fix digital vulnerabilities. Our areas of expertise includes Vulnerability Management, Security Orchestration Automation and Response (SOAR), Application Security, Infrastructure Security, Distributed Denial of Service (DDoS) Protection and Application Pentesting.