Striking a Balance Between Business Growth, Risk Management, and Cybersecurity

Following the pandemic, substantial shifts in the business environment and culture have emerged, warranting our careful consideration. We’ve all become more technology-dependent, our working methods have changed and cyber risks have become more prominent and persistent. The regulatory space has become more active and stringent, especially around issues about security and data privacy. A steep rise in adversarial activities by so-called “Big 4” anti-western nations and the onset of a new AI-fueled era is prompting new opportunities and also, new risks.

In such a rapidly changing landscape, how can organizations strike a balance between business growth, risk management and cybersecurity? Here are some recommendations and best practices that can help:

Align Business Goals and Security Objectives

If your business is dependent on technology, consider the associated cybersecurity risks. Business leaders must learn to view cybersecurity from a more corporate stance in terms of what is the strategic direction of the company: What is it trying to achieve, what things will make a substantial difference (e.g., acquiring new customers, protecting jobs, minimizing disruptions, etc.) and then align security objectives around that direction. Traditionally, the cybersecurity discipline was never regarded as providing a competitive advantage. This mindset needs a shift, especially if you are operating in a highly regulated industry.