Cyber incidents such as ransomware attacks, data breaches and IT disruptions are a major concern for companies around the world. While technical solutions and controls are essential, they are not the sole answer to future-proofing cybersecurity. It is crucial for businesses to empower those who are responsible for communicating risks and making decisions. Foster a culture of security awareness that permeates every level of an organisation to bridge the communication gap. This involves a shift from viewing cybersecurity as a technical issue to recognizing it as a fundamental business concern that affects every stakeholder. The business impact of major cyber event can be catastrophic. It is imperative for businesses to prioritize cybersecurity not only as a protective measure but also as a strategic investment that can safeguard and enhance their long-term viability.
We were privileged to have Jennifer Tiang, Cyber Leader at WTW Asia, engaged in conversations with Mr. Harprit Singh Narang, Senior Cyber Risk Expert at Munich Re and Mr. Alan See, Cybersecurity Leader, exploring the challenges associated with prioritising cybersecurity within an organisation, budget allocation and raising board awareness and understanding. Practical advice was shared from our experts on how to build board understanding around the true cost and business impact of a cyber crisis, to obtain the proper investments and support to tackle this risk (strengthening cybersecurity resources and personnel; investments into tools, solutions, insurance…). Such measures being critical to survive and thrive in the constantly evolving threat environment we are living in.
