Dave DeWalt is Founder & Managing Director of NightDragon. Former CEO of FireEye and McAfee, he is a veteran leader, advisor and investor.
In an era of digital transformation revolutionizing businesses, cybersecurity is often viewed as a cost center—a necessary evil to be managed during the process rather than embraced. However, as the cyber risk landscape evolves, organizations must rethink this perspective and recognize cybersecurity as a value-add and integral to driving innovation and competitive advantage.
Take a strategic approach to cybersecurity.
Historically, many businesses have approached cybersecurity as a checkbox exercise: invest just enough to comply with regulations (and avoid a fine) and protect against basic threats. Or, adopt a “it can’t happen to me” approach and invest far below what they should. However, the proof that this approach is failing can be seen in the estimated $10.5 trillion in annual cyber damages expected by 2025, according to Cybersecurity Ventures.
With data breaches commonplace and cyber threats increasingly sophisticated, a proactive and strategic approach to cybersecurity is imperative. That includes leveraging the latest innovations and technologies, such as artificial intelligence, as well as educating and bolstering teams with the knowledge and expertise to defend against cyber threats. Organizations must begin to see cybersecurity not merely as a defensive mechanism but as a crucial component of their overall business strategy.
When cybersecurity is integrated into the fabric of an organization, it fosters a culture of trust and resilience. Companies that prioritize cybersecurity can differentiate themselves in the marketplace, enhancing customer loyalty and potentially attracting new clients. They can also prevent brand damage, as well as avoid running afoul of new regulations and requirements from organizations such as the Securities and Exchange Commission.
Weave cybersecurity into your business’s culture.
Leadership plays a pivotal role in this transformation. Executives, from the chief information security officer to the CEO to the board of directors, must champion the integration of cybersecurity into business operations and decision-making processes. This means allocating adequate resources and fostering an organizational culture where cybersecurity awareness permeates every level, as well as enabling the adoption of new technologies. Employee training and engagement are critical: When all team members understand their role in protecting the organization, the collective defense against cyber threats becomes significantly stronger.
The time has never been more important to adopt this mindset. Threats are at an all-time high, with a cyberattack occurring every 39 seconds, translating into an average of 2,244 attacks per day, according to a study by the University of Maryland, and 59% of surveyed organizations were hit by ransomware in the past year with a fivefold increase in ransom bills, according to Sophos. Cyberattacks have hit every industry and size of business, with notable attacks on Change Healthcare, Microsoft, AT&T, Ascension and many (too many) more.
Shift your mindset.
It’s time for organizations to shift their mindset and embrace cybersecurity as a core value proposition. They need to consider all risks, from supply chain and critical business applications to bots, physical security and data security. By doing so, businesses can protect themselves against the myriad risks lurking in the digital landscape and unlock new opportunities for growth and innovation.
The transition from cost center to value driver is a necessity in the modern business environment. As we look to the future, let’s prioritize cybersecurity as an essential element of our strategic vision—one that empowers us to thrive in an increasingly complex digital world.
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