May 2016
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There is a Business Side to Cyber Security

Cyber security can no longer be thought of as a “nice to have”.
Marc PetockMarc Petock,
Vice President, Marketing
Lynxspring &
Connexx Energy

Contributing Editor
 

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Talk about cyber security these days often focuses on technology. As with many things, there are multiple sides that should be discussed. When it comes to cyber security, there is a business side.  The negative consequences cyber incidents can cause are disruptive and potentially catastrophic. The value of taking additional measures and procedures to increase the cyber security posture of your systems, far outweigh the risk of not making them secure.

On the business side there are a variety of points you need to be aware of. I have listed below several that are central to today’s cyber security environment regardless of the type of industry or business you are in.

Business Ramifications

Cyber incidents can lead to:
Compliance

Data privacy laws, regulations, and industry best practices are growing stricter and, in some cases, more complex as they catch up with the variety of technologies now in widespread use in the enterprise.

Liability and Legal

U.S. Cyber Security Act and EU Cyber Directives and General Data Protection Regulations

State Cyber Laws

Moody’s Ratings

Control Solutions, Inc Insurance
Insurance companies are beginning to evaluate and rate a company’s cyber health and insure (or not) and charge accordingly.

Cybersecurity Threat Assessment Rating (CSTAR)
Financial Intuitions

For financial institutions, The Office of the Comptroller of the Currency (OCC) expects a bank to practice effective risk management regardless of whether the bank performs the activity internally or through a third party. A bank’s use of third parties does not diminish the responsibility of its board of directors and senior management to ensure that the activity is performed in a safe and sound manner and in compliance with applicable laws.

Cyber security can no longer be thought of as a “nice to have”. The operational, financial and reputational impact to a business is tremendous. Security must be considered a fundamental requirement for both the IT side as well as for the operational infrastructure and all the systems that make it up. When it comes to cyber security, the business case is equally as important as the technology side. Businesses face a litany of issues such as unpredictable customer behavior and market fluctuations — all familiar with leaders and have planned for. Yet these same leaders are often alarmingly unprepared for the most potentially damaging threat — a cyber incident that could mean the loss of everything … all in a matter of seconds.


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