It’s Time Organizations Treat Cybersecurity as a Core Business Value

Ted West, BOHH Labs Executive Chair, Director

In a recent publication of Deloitte University Press, “Navigating Legacy: Charting the Course to Business Value (2016-2017),” it was revealed that only 10 percent of over 1,200 CIOs surveyed reported that cybersecurity and IT risk management are a “top business priority.” In fact, “Cybersecurity” trailed “Customers,” “Growth,” “Performance,” “Cost,” and “Innovation” among other priorities.

ONE WONDERS

This shockingly low statistic brings to the forefront a very pressing thought, is security getting the attention really needed, especially in organizations with very large customer bases and highly sensitive personal and transactions data?

Most CIOs acknowledge that cybersecurity is a core expectation of their role and their IT organizations. However, many feel that their business leaders view security and risk management as a “compliance chore” and a “cost of doing business.” While most of these CIOs do expect to increase their technology spending on security, under these circumstances, will they be successful in securing the investments needed when it is still not valued as an integral part of an organization’s success and reputation?

REALLY?

With the current climate of breaches being revealed daily and ransomware on the rise, organizations and its leaders must start asking themselves if fixing a security breach that exposes millions of client records and brings financial and brand damage is still merely a “compliance chore?” Is the investment needed to prevent such a breach from happening again a simple “cost of doing business?” Or, is fixing such a breach, or guarding against it in the first place, a strategic issue impacting the trust and reputation of the organization and its position to grow and retain a loyal base of customers?

In our increasingly digitally-driven, cloud and mobile-dispersed business IT world, security is becoming an essential priority for more and more organizations, especially in banking, healthcare, insurance, e-commerce, and so many more segments that are responsible for holding personal information for millions of its customers.

SECURITY MATTERS

One thing is becoming increasingly clear: security matters. Business leaders, starting from the Board of Directors and moving through the C-suite, must insist on their organizations adapting the most effective security measures in their IT platforms and workflows and processes today. They have no choice, and they should expect nothing less. The good news for these leaders is that there are promising new security technologies coming to market that will dramatically strengthen their organizations’ ability to keep the “bad actors” from compromising their good data, their customers’ trust and loyalty, and their critical brands. Leaders who make security a business priority and an integral part of their organizations’ daily operations, can help navigate their organization to better long-term performance and success.