Exclusive: Risk by Risk, Business to Business – Part 2

In the second instalment of this International Security Journal series, Mo Ahddoud, CEO, Chameleon Cyber Consultants, explains why cybersecurity is paramount in reducing costs.

A cybersecurity strategy that is clearly aligned to a business not only helps protect against threats such as ransomware and data breaches but is also paramount to a business being prepared should such an event take place. This preparedness alone can significantly reduce the cost implications to a business but also reduce the reputational damage it might incur.

Research has shown that a business that understands their risks and is well prepared not only respond quicker and more effectively to a breach, but it can also reduce the costs by 34%. And with the cost of a data breach alone rising by nearly 10% in the past year, the highest rate in over seven years its more important than ever for businesses to not only understand their risks but also be prepared for the worst.  

This starts with each business unit knowing how to play their part but to do this they need instruction and guidance and this is where the cybersecurity strategy comes in. Without it their interpretation of what is expected of them could be different to that of the business. Think about baking a cake without a recipe. You have all the ingredients but without the recipe to follow the result will inevitably turn out different to the intended one. So, the cybersecurity strategy is the recipe, the plan that all business units can follow ensuring the business is as secure and compliant as it can be. 

But what does this look like in practice? Take the marketing department as an example. This is a department that you may not traditionally associate with cybersecurity or risk. However, most marketing departments do collect data and it is how this data is collected, stored, protected and used that is important. The cybersecurity strategy will inform the Marketing Director on the expectation on their department when handling this data and is therefore his or her responsibility to ensure this is enforced so their part in keeping the business secure and compliant is in line with business expectations.  

So, in short, a cybersecurity strategy can reduce risks, costs and educate business leaders and their teams on their operational responsibilities when it comes to the security of the business. It is the plan that guides the business to become or remain compliant and secure. It is the recipe needed for success. 

Our mission is to use the very latest security thinking, practices and technology tailored to your specific business needs and objectives. So, if you need help facilitating business success through secure environments we would love to chat.  

At Chameleon Cyber Consultants our mission is to use the very latest security thinking, practices and technology tailored to your specific business needs and objectives. So, if you need help facilitating business success through secure environments please visit: www.chameleoncyberconsultants.com