5 Things Business Leaders Need to Understand About Cyber Risk

This bottom-line impact shows why cybersecurity is a core business concern. According to the World Economic Forum, cybersecurity has a direct influence on business reputation, stock value, revenue, brand equity, customer relations and a product's time to market.

Business leaders today must change cybersecurity from a function that supports the business into a function that drives business growth. That means delivering a clear message about how cyber resilience is essential to business success, and establishing that mindset throughout the organization, from the c-suite to teams on the front lines.

1. View Cybersecurity as a Business Enabler

"Cyber risk management is an opportunity for companies to stand out against their competitors. It enables companies to demonstrate that they not only have strong cybersecurity, but that they also have effective mitigation measures to ensure they protect their customers as well.”

Lori Bailey, Global Head of Cyber Risk, Zurich Insurance Group

 

2. Don't Be Overconfident in Your Security

"It’s important not to be overconfident on cybersecurity alone as many social engineering tactics can introduce malware into systems with relative ease. Therefore, it’s crucial that companies place equal emphasis on business continuity and business resilience.”

Lori Bailey, Global Head of Cyber Risk, Zurich Insurance Group

 

Promote Cyber Best Practices

"Effective and consistent implementation of strong cyber hygiene could have potentially mitigated the majority of cyberattacks of the last decade.”

World Economic Forum, The Cybersecurity Guide for Leaders in Today's Digital World

 

4. Make Cybersecurity Everyone's Responsibility

"Cyber risk is no longer just about information security. It permeates across all functions within a given organization.”

Lori Bailey, Global Head of Cyber Risk, Zurich Insurance Group

 

5. Build a Culture of Resilience

"Developing more robust levels of cyber resilience is now the order of the day, and this is as much about developing a new culture and mindset as it is about adopting different processes and technology."

World Economic Forum, The Cybersecurity Guide for Leaders in Today's Digital World