Raising Cybersecurity Awareness for Business Leaders

4th October, 2024

Article by Brian Honan, Managing Director of BH Consulting and Founder/CEO of Irish Reporting And Information Security Service (IRISS), created for Technology Ireland ICT Skillnet as part of the European Cybersecurity Month

In today’s digital landscape, cybersecurity is no longer just an IT issue – it’s a critical business risk. According to the Hiscox Cyber Readiness report, nearly half of all companies across eight countries reported cyberattacks within the past year, and 7 out of 8 countries ranking cybersecurity as the top threat to their businesses. It’s clear that no organisation is immune. For business leaders, understanding these cyber risks and taking proactive measures is essential to safeguarding their organisation’s viability, resilience, and reputation.

Why Cybersecurity Should Matter to Business Leaders

Cybercrime is growing at an alarming rate, with ransomware attacks, cloud account hijacking, and CEO fraud among the top threats. In Ireland alone, the frequency of cyberattacks rose by 26% last year, with the largest ransom paid amounting to €42,693 and the average cost per incident surging by nearly 33% to €15,300. These figures highlight the tangible financial and operational impacts that a breach can have on businesses.

Moreover, the regulatory environment has become more stringent. Compliance with regulations such as the EU General Data Protection Regulation (GDPR), the EU’s Network and Information Security Directive (NIS 2), the Payment Cards Industry Data Security Standard (for organisations that process credit and debit cards), the Digital Operational Resilience Act (DORA) and other cybersecurity-related obligations cybersecurity is no longer a like to have but a mush have.

Five Steps Business Leaders Should Take to Improve Cybersecurity

To better protect their organisations, business leaders should focus on the following five key areas:

1. Identify Key Business Assets

Knowing what assets are critical to your business is the first step. This includes sensitive data, intellectual property, and operational systems. Leaders need to ask, “What are our most valuable assets, and where are they stored?”

2. Implement Cyber Risk Management

Treating cybersecurity as a core business risk, rather than an IT issue, is critical. Conduct regular cyber risk assessments to evaluate your organisation’s threat profile. This allows for proactive risk management that aligns cybersecurity with business goals.

3. Ensure Appropriate Security Measures

Effective cybersecurity requires a layered approach. Controls should match the value of your assets and the associated cyber risks. Regular training, access to cybersecurity expertise, and sufficient budget allocation are vital to ensure that your defences stay robust and adaptable.

4. Develop Detection and Response Capabilities

It’s not a matter of if an attack will happen, but when. Your organisation should be equipped to detect and respond to cyberattacks swiftly. Have incident response plans in place and be prepared with policies for scenarios such as ransomware and extortion attacks. Business continuity plans should also take into account the impact from major cyber incidents.

5. Provide Ongoing Support for Cybersecurity

Remember cybersecurity is not a destination but rather a journey and as such cybersecurity shouldn’t be considered as a one-time project, but as an ongoing effort. Business leaders must ensure that they have the appropriate cybersecurity skills, access to cybersecurity experts, and that they provide enough resources – whether it be budget, time, or personnel – to maintain robust cybersecurity defences.

Conclusion

As cyber threats continue to evolve, business leaders must stay ahead of the curve. Ensuring the right structures are in place – from identifying critical assets, to securing the supply chain, to developing effective response plans – is essential to securing your organisation’s future. Cybersecurity is a shared responsibility, and it requires the full support and attention of executive leadership to truly be effective.

By prioritising these steps, you can turn cybersecurity from a risk into a competitive advantage.


About the Author

Brian Honan is a recognised internationally as an expert on cybersecurity. He formerly was a special advisor to Europol’s Cybercrime Centre (EC3), founder of Ireland’s first CERT, and sits on the advisory board for several innovative security companies. Brian is the author of several books and regularly contributes to various publications. For his contribution to the cybersecurity industry Brian has been awarded the “SC Magazine Information Security Person of the Year” and was also inducted into the Infosecurity Hall of Fame.


Tackle cyber threats with confidence

Cybersecurity skills are continually in high demand and cybersecurity specialists are needed now more than ever.

Learn More About Cybersecurity Courses with Technology Ireland ICT Skillnet
Abstract background