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In today’s rapidly evolving technological landscape, traditional IT risk management practices often fall short in addressing emerging threats and challenges. This article outlines three forward-thinking practices that organizations can adopt to proactively manage IT risk and safeguard their digital assets. These practices emphasize aligning cybersecurity with business goals, fostering collaboration and efficiency, and providing actionable insights to key decision-makers. By embracing these forward-thinking approaches, organizations can enhance their ability to anticipate and mitigate IT risks effectively.

Context & Objectives

It is important to establish a strong foundation in risk management principles. Having a basic understanding of risk and steps to manage it effectively is crucial. By grasping these fundamental concepts, organizations can better position themselves to navigate the complexities of IT risk in a proactive and informed manner.

What is Risk?

Threat

Any person or condition that could cause harm, loss, damage, or compromise of an asset.

Vulnerability

Any weakness that exists inside a system.

Asset

Any item that has value to your organization.

Risk

Any Situation that involves exposing something of value to danger.

Four Steps to Manage Risk

Forward Thinking #1: Align CyberSecurity with Business

Forward-Thinking #2: Work Faster, Smarter, and ‘Win’ Together

Forward-Thinking #3: Provide Actionable insights that your board can understand

Conclusion

By embracing these forward-thinking practices and establishing a strong foundation in risk management principles, organizations can effectively navigate the evolving landscape of IT risk. Aligning cybersecurity with business goals, fostering collaboration, and providing actionable insights will enable organizations to proactively mitigate risks, safeguard their digital assets, and ensure long-term success in an increasingly complex technological environment.

The involvement of Senior Leadership varies from organization to organization and the industry type. However, in general best practices recommends that since the landscape of Cyber Threat keeps evolving, we need to keep educating our leaders so that they understand the importance of Cybersecurity Awareness and Training in order to train the entire organization so they act as the first line of defense.

A new trend has been observed recently in the Cybersecurity pitch that senior leaders are taking initiative in hiring Cybersecurity consulting firms and vCISO services to address the policy gap that is arising because of the fast-pacing evolution of IT technologies, specifically AI based services in all segments of IT services and tools.

It is recommended that each organization that is onboarding new technologies, IT solutions, applications and tools to service their business needs should have a mandatory cybersecurity awareness program with focus on top-down approach. Cybersecurity should be discussed in every Department meeting to ensure that Cybersecurity is not only IT/Security responsibility but everyone’s responsibility.

University of California, Riverside (UCR) has published a paper that recommends leaders to leverage various leadership styles to an advantage when it comes to combating cybersecurity challenges in their organizations. Some of the leadership they recommended are:

  • Collaborative leaders promote cross-functional communication and cooperation, breaking down silos that may impede the sharing of crucial information. This open communication facilitates a more comprehensive understanding of potential threats and vulnerabilities, enabling a more robust cybersecurity strategy.
  • Transformational leadership In the context of cybersecurity, this style encourages a proactive approach towards identifying and addressing potential threats. Such leaders foster a transformational environment to instill a sense of responsibility and accountability among team members, promoting a collective effort to safeguard sensitive information.
  • Transactional leaders In the cybersecurity context, adhering to established protocols and compliance measures is the priority. Such leaders ensure that team members follow standardized security practices, reducing the likelihood of human error and exploitation of vulnerabilities.
  • Situational Leaders adapt an approach based on the specific challenge at hand, whether it’s a sudden breach or a sophisticated attack, these leaders guide their teams through effective crisis management and response strategies.
  • People-first leaders can contribute to a strong cybersecurity posture by prioritizing the well-being and development of team members. In the context of cybersecurity, this can translate to a workforce that is more vigilant and committed to upholding security best practices.

Apart from these leadership practices to develop a healthy and effective cybersecurity culture, it is important that an effective Cybersecurity program and tool is implemented to educate every employee, contractor and consultant who has access to the organization’s assets at any capacity.

Author

Anitha Rajmohan

Anitha is a seasoned leader with overall 24+ years of experience in multiple domains with a diversified Industrial background. She has 14+ years of experience in Delivery managing Project Management, Governance, Transitions, Complex Partner Negotiations for Banking, Financials, Telecom and Insurance. She also has 5 years of experience in Cyber Security, Auditing and Risk management, Internal Audit and Control, third party audits and compliance audits for Retail, Life Science, Healthcare, Energy and Resource, Utilities, Manufacturing, Banking, Insurance and Financial services comprising for 17,000 employees for US, Australia and New Zealand geography.