Monthly Archives: March 2016

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How Cybersecure is Your Company?

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cyber headlines

It should come as no surprise that security has moved from an afterthought at global organizations to a front-and-center consideration, often involving the CEO and board of directors. Headlines of the world’s largest companies involved in breaches are rampant, and will only increase as organizations accelerate their digital transformation plans and in doing so create lucrative opportunities for bad actors to steal valuable assets. Businesses are inherently interested in making money, and cybersecurity crimes have a significant impact on their bottom line. In fact, it is estimated that cybercrime will cost $2.1 trillion by 2019, according to Juniper Research.

For C-level execs and board members alike, their real understanding of cyber-exposure is too often binary: Are we on the front page of the Wall St. Journal or Not? While this may be an unfair over-generalization for tech-savvy board members, it is clear that cybersecurity is now included in their “fiduciary duties.” With increasing investments going to security software, consultants, and now cyber-insurance, executives and officers must know the risk profile of their digital systems and security service level agreements (SSLAs).

Organizations looking to maintain their competitive edge will take a new approach to security from the first line defenders in the IT department to the boardroom. The quickest and simplest step in moving the right direction must be to answer “How secure are we as an organization?”

The Best Defense is a Good Offense

Forward thinking organizations are appointing board members that have recognized this security paradigm shift and are moving from a defensive to an offensive mindset when it comes to protecting their assets. Some companies, like AIG, Blackberry, General Motors and Wells Fargo are even going so far as to appoint board members with cybersecurity expertise. While it isn’t mandatory that organizations have cybersecurity experts on their boards, the reality is that no board can escape responsibility, and digital threats will only become more a part of daily business life.

Ask the Right Questions

Beyond asking “How secure are we?” board members should ask their CISOs and security professionals whether their resources and budgets are appropriate. While CISOs will likely always ask for more, they need to be able to demonstrate specific holes and needs or anticipate pending regulatory changes specific to their industries. It would also be wise to regularly ask what internal changes have been made in light of developments in the industry. Additional questions that should be asked include:

  • How are you designing a security posture that does not slow down business operations?
  • How do we know that data/IP systems not in our control are safe and secure, such as internet of things (IoT) and cloud?
  • How do we ensure that we are ahead of new regulatory requirements coming down the pike?
  • Who is responsible for security—CISO, CIO or risk & compliance officer?
  • What is our risk score matrix?

Establish a Seat at the Table

For CISOs, this new attention can be a double-edged sword; while the increased visibility of their position could be beneficial to their own importance to the company, their performance will be scrutinized by the highest levels of management.

CISOs and their security equivalents presenting to the board require a persistent seat at the table. Bringing them in just for an annual report will leave many questions unanswered and does not paint an accurate picture of the organization’s risk profile. Continual updates should include both positive and negative developments, which will make budget increase requests more likely when needed.

These experts should also be expected to provide detailed analytics and a tailored executive dashboard that demonstrates the progress made against goals and benchmarks. The sophistication of these dashboards will depend on the board’s expertise but educating these members should be included in any presentation.

Put a Price on it

When taking these steps and bringing security to the forefront of business planning, each board presentation will allow organizations to make security a marketable attribute. Consumers are becoming increasingly fickle about doing business with organizations that have been breached and as a result are looking for assurance that they and their data will be secured. Promoting your organization’s commitment to security can be a valuable asset to the company’s bottom line. Board members can play a significant role in shifting perception and reality in the marketplace and would be wise to ask more questions to get closer to answering “How secure are we?”

Top Board and C-Suite Risks for 2016

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Regulatory changes, economic conditions and cyberthreats are the top concerns of board members and company executives this year, according to a new enterprise risk management survey.

U.S.-based companies listed several operational risks as top concerns, while non-U.S. companies listed only one, cyberthreat, as a major concern, according to the report, Executive Perspectives on Top Risks for 2016, by North Carolina State’s ERM Initiative and Protiviti.

Overall, companies see the current business environment as riskier than in 2015, but not as risky as 2014.

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With increased inquiries and added concerns about risk from boards of directors and company executives, respondents indicated they will be investing more in risk management this year. “More organizations are realizing that additional risk management sophistication is warranted given the fast pace in which complex risks are emerging,” the study found.

Boards of directors rated only one strategic risk among their top five concerns, with the remaining falling into macroeconomic and operational risk categories.

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CEOs, on the other hand, saw strategic risks as three out of their top five issues.

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According to the study:

“This disparity in the viewpoints emphasizes the critical importance of both the board and management team engaging in risk discussions, given their unique perspectives may be contributing to an apparent lack of consensus about the organization’s most significant emerging risks.”

ERM Risks

A Trump Presidency Poses Top Risk to Global Economy

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According to the Economist Intelligence Unit, a Donald Trump presidency poses one of the greatest current global risks. Indeed, Trump ranks as the sixth overall potential risk to the global economy, and based on a 25-point scale, the research firm rated the risk approximately equal to the rising threat of jihadi terrorism destabilizing the global economy.

The EIU, research and analysis sister company to the Economist, ranks risks based on both impact and probability, with a Trump presidency presenting considerable potential impact, but moderate probability. The EIU’s assessment focused in particular on Trump’s hostility toward free trade (most notably NAFTA), aggressive rhetoric on China, and “exceptionally right-wing stance” on the Middle East and jihadi terrorism.

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“In the event of a Trump victory, his hostile attitude to free trade, and alienation of Mexico and China in particular, could escalate rapidly into a trade war—and at the least scupper the Trans-Pacific Partnership between the US and 11 other American and Asian states signed in February 2016,” EIU analysts wrote. “His militaristic tendencies towards the Middle East (and ban on all Muslim travel to the U.S.) would be a potent recruitment tool for jihadi groups, increasing their threat both within the region and beyond.”

The firm concluded with a prediction that, while it believes Trump will most likely lose to Democratic nominee Hillary Clinton, that probability could change in the event of a terrorist attack on U.S. soil or a sudden economic downturn.

In such a scenario, the trickle-down effect within the American political machine poses noteworthy risk as well.

“Innate hostility within the Republican hierarchy towards Mr. Trump, combined with the inevitable virulent Democratic opposition, will see many of his more radical policies blocked in Congress,” the report says.

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But “such internal bickering will also undermine the coherence of domestic and foreign policymaking.”

The firm’s overall top 10 risks by point ranking are:

economist intelligence unit top global economy risks

Brussels Bombings Highlight New Risk Realities

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Belgium map
The deadly terrorist bombings in Brussels this week have elicited an outpouring of support for the victims and for Belgium, along with renewed rage and consternation regarding ISIS. These are predictable reactions.

What these acts also elicited, I’ve noticed, are numerous comments from many outlets that the attacks were not surprising.

The BBC, in fact, said the bombings were “not a surprise” and security experts chimed in with similar assessments. Even Belgians themselves admit that the attack wasn’t shocking—Prime Minister, Charles Michel, lamented that “what we feared, has happened.” Think about how much has changed in less than a generation. Now, when the capital of the EU and NATO becomes a war zone, many react as though this is business as usual.

When it comes to political violence and warfare, we (or at least Western Europe) are living in a brave new world.

In fact, research I’ve conducted in recent weeks for a RIMS Executive Report on political risk confirms how much the paradigm has changed. Political risk experts I interviewed have been emphasizing this point. “I think it is truly a distinctive point in world affairs,” said one. Another confessed, “I’ve been doing this for nearly 20 years, and this is by far the most unstable, tenuous, deteriorating…risk environment I’ve ever seen.”

These sentiments are based on more than ISIS. Recent developments include the Ukraine civil war, the migrant crisis, deterioration of large swaths of the Middle East, tensions in the South China Sea, a weakening Chinese economy and Brazil’s political crisis. All contribute to a consensus that things are changing.

For the risk community, a big change is formerly reliable standards of which parts of the world are stable and which are unstable, such as developed economies versus developing and first-world versus second- and third-world. Now more than ever, risk managers considering the security of global operations need to examine a country’s vital signs rather than rely on conventional wisdom about stability. And if mass-casualty terror attacks are the new normal for Western Europe, a number of risk professionals will need to become better acquainted with the realities of political violence.

To end on a positive note, however, we do not have to believe the sky is falling. While terrorist attacks are brutal and unfortunate, it is consoling to think about the odds of being a victim. As data nerds are happy to point out, a person is much more likely to meet his or her demise from bathtubs, dogs and food poisoning. The Post has reported that you are more likely to be crushed by furniture than snuffed out by ISIS.