 security by design part 3 security by design part 3 hemraj thu 10162025 330 security by design part 3 contributors joseph f norton joseph f norton risk security and crisis management professional linkedin joseph fnorton security by design part 3 latest trending image at the end of my last post i promised to provide visibility into categories and types of risk and to provide visibility emphasis into cyber risks and their systemic interconnectedness with and potential impacts on business operations this will take more the most important consideration to fully embrace in understanding risk to your business today is that digital and information technology systems are the lifeblood of your business even the simplest mom and pop business utilizes information technology online tools and services today cyber insecurity creates the opportunity for business interruption cybersecurity is a business decision to start let s first explore categories of risk to your business strategic risks operational risks financial risks hazard risks strategic risks are the things that can harm your business in a manner that impedes your business s ability to achieve its strategic goals and objectives  operational risks are the things that can prevent your business from carrying out daytoday operational activities in either small or large ways financial risks are the things that have the potential to harm your business s financials  hazard risks can harm your business s physical assets and employees and contractors every business faces a large list of risks in each of these categories strategic risks political economic regulatory market reputation leadership brand customer mergers acquisitions etc operational risks human resource business process technology supply chain business continuity channel effectiveness customer satisfaction health and safety environment product and service efficiency capacity compliance etc financial risks volatility currencies interest rates commodities credit liquidity market compliance legal etc hazard risks natural disasters terrorism shooter events insurable liabilities impairment of assets health pandemic etc if you start to feel that risks surround your business you are not alone james m kaplan et al l in their book beyond cybersecurity protecting your digital business provides extensive exposure to how every company is surrounded by risk the risk your company faces is also not yours alone it extends and is extended to your company from throughout your extended business chain or value chain including to and from you and your suppliers customers and attackers the world economic forum global risks report 2023   in partnership with marsh mclennan and zurich insurance group continues to report year after year that widespread cybercrime and cyber insecurity are among the top ten global risks in the short term 2 years and long term 10 years  wef reports   alongside a rise in cybercrime attempts to disrupt critical technologyenabled resources and services will become more common with attacks anticipated against agriculture and water financial systems public security transport energy and domestic spacebased and undersea communications infrastructure technological risks are not solely limited to rouge actors sophisticated analysis of larger data sets will enable the misuse of personal information through legitimate legal mechanism weakening individual digital sovereignty and the right to privacy even in wellregulated democratic regimes  business participants in this report rated the severity of widespread cybercrime and cyber insecurity as their fourth highest concern rating costofliving natural disasters and extreme weather and geoeconomic confrontation as higher concerns let s get back to cybersecurity and cyber insecurity the allianz risk barometer 2023  prepared and published by the allianz global corporate and specialty insurance company reports that the 1 most important global business risk of concern to their clients is cyber incidents including cybercrime malware and ransomware causing system downtime data breaches fines and penalties the allianz risk barometer 2023 reports that business interruption is the most feared business risk reflecting ongoing concern for the disruption caused by ransomware attacks it system and cloud outages and the threat of cyber war severe business interruption can result from a wide range of cyberrelated triggers including malicious attacks by criminals or statebacked hackers human error or technical glitches allianz s analysis of cyberrelated insurance industry claims that it has been involved with over the past five years business interruption is the main cost driver for 57 of claims globally and is a significant driver for the rising severity of claims including from ransomware attacks which have proliferated in recent years hackers increasingly target both digital and physical supply chains providing opportunities to simultaneously attack multiple companies and gain additional leverage for extortion cyber business interruption exposures are also growing with the trend for digitalization as companies introduce new technology and live with the legacy of aging it infrastructure and software  cyber insecurity cybercrime triggered business interruption is the most feared of all risks cyber insecurity cybercrime enabled business interruption is the most feared of all business risks today because of the pervasive and persistent integration of digital and information technology systems within and between our business partners customers suppliers employees and their families the physical infrastructures supporting our businesses include electrical grids water supplies transportation systems and networks trains planes and automobiles food sources and supplies etc there is no aspect of our business and personal lives which are not cyber interconnected today cyber connectedness is pervasive cyber business interruptions as a result are pervasive and impactful risk is an integral part of any business risk is also an essential part of any business investment decision risk investment should yield desired business outcomes thus  cybersecurity is a business decision this is why in my last blog post i asked you to consider two questions how much security do you need as a business what can you live without i also suggested that you could ask yourself a series of questions to help wrap your mind around risk event triggered loss with these questions can your business survive a complete shutdown of business operations for 1 day can your business survive a complete shutdown of business operations for 7 days can your business survive a complete shutdown of business operations for 14 days can your business survive a complete shutdown of business operations for 21 days can your business survive a complete shutdown of business operations for 28 days also as you consider the answers to these questions you will most likely begin to qualify your answers from your perspective of impacts or impacts to your business or parts of your business in my next blog post i will introduce the notion that we are all risk managers taught by our parents and caregivers from birth i will also share perspectives on understanding threats and creating a threat catalog this will set the stage to discuss how you may make decisions about how much security you need and as a business what you can live without along the way i promise to further explore the emerging risk management model utilizing a fully integrative approach to identifying risk from a corporate director s and senior leader s perspective which can be found in the director and riscx models feedback and comments are welcome as well as any specific cybersecurity or cyber insecurity topic you might want me to comment upon joseph f norton is a risk security and crisis management professional he is a founding member and qualified technology executive of the digital directors network chair of the advisory board with next era transformation group and chief security officer with apf technologies he has served as chief security officer svp at atos chief technology officer and head of operations svp at philips chief technology officer svp at novartis executiveinresidence with mckinsey company and chief technology officer at mcdonald s he has also held professional roles during his career with jpmorgan bank oracle sybase and grumman aerospace corporation and the united states navy webinar image the ciso exchange for a safer digital world image zero trust architecture adoption in federal government image zero trust architecture adoption in federal government expert content image shadow ai and the governance gap what leaders must do now shantanoo govilkar image security by design part 2 joseph f norton image employee training awareness laszlo s gonc popular articles unleashing business potential the power of adaptive enterprise architecture in the digital age businesses must adopt an ad 15 best practices in salesforce development many businesses have decided to use salesforce  what is governance risk and compliance grc a definitive guide grc is the capability or integrated collection artificial intelligence for all responsibly as we look towards the turn of another year it get the latest insights straight from our desk to your inbox subscribe featured articles explore more  image whitepaper ransomware threat management ransomware continues to be a real threat to business operations across all industries no organization is safe from this threat laszlo s gonc cissp first senior fellow divihn cybersecurity center of excellence view image cybersecurity incident response preparedness an incident response framework provides a structure to support incident response operations a framework typically provides guidance on what needs to be done but not on how it is done laszlo s gonc cissp first senior fellow divihn cybersecurity center of excellence view image iot medical device cybersecurity healthcare data and medical devices would be aggressively targeted by ransomware attacks since early 2017 has proven to be true  laszlo s gonc cissp first senior fellow divihn cybersecurity center of excellence view 