 security by design part 2 security by design part 2 hemraj thu 11062025 839 security by design part 2 joseph f norton sort by trending latest joseph fnorton trending latest image i n my last post i asked the question do you know if your organization is cyber secure or cyber insecure in this post i will be discussing with you cyber risk from the perspective of business risk business risk is the possibility that an event will eventually lead to a reduction in a company s objectives ie current or future economic profits pretty much every business today from small mom and pop businesses all the way up in size to massive global multinational businesses has a significant to massive dependence upon their information technologydriven business operations there is no avoiding the fact that cyber risk is a dominant risk category that every business faces cyber risk is one of the few risks which businesses face which have the potential to bring a business to a complete standstill  ask yourself this series of 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 is this too hard to imagine change the questions to something like this can your business survive a significant shutdown of business operations for 1 day can your business survive a significant shutdown of business operations for 7 days can your business survive a significant shutdown of business operations for 14 days can your business survive a significant shutdown of business operations for 21 days can your business survive a significant shutdown of business operations for 28 days i have asked this series of questions of business leaders and board members many times i have never received the following reply in response   we may be impacted for a few days but will be back up and running within 7 days with minimal business interruption and impact  never not once the response i normally receive from asking these questions takes one of two forms either a denial that this could ever happen or a nonverbal response involving a lot of uncomfortable facial expressions and body language my purpose with these questions is to get your attention cyber risk is business risk you do not have to take only my word for this fact the world economic forum reports widespread cybercrime and cyber insecurity as the top 10 global risks over the short and long term two to ten years as reported in the wef the global risk report 2023 insight report the allianz risk barometer 2023 another global industry risk reporting standard finds cyber incidents to be the 1 top risk that businesses face  reflecting the importance of today s digital economy the evolving threat from ransomware and extortion as well as geopolitical rivalries and conflicts increasing being played out in cyberspace cyber risk and business interruption bi are closely linked with cyber also ranking as the cause of bi business interruption companies fear most allianz global corporate specialty agcs is a leading global corporate insurance carrier  it is my experience that most companies do not typically ignore risks to their business operations what i have experienced though is that most of the companies and leadership teams do not fully understand the cascading systemic risks which cyber risk and cyber insecurity present to their organizations many companies address their risks with a governance risk and compliance grc  approach and support staff following sound risk assessment practices which result in an annual risk report grc practices have matured in some organizations and are addressed via an enterprise risk management erm  process often still an annual risk assessment with associated risk reduction and abatement plans further i see more advanced and integrative risk management practices being utilized in an integrated risk management irm  approach taking a value chain integrated business risk perspective more in line with an organization s extended business operations across business units support functions extended supply chains and customer value chains best practices in integrated risk management irm  involve developing a structured and disciplined approach that aligns business strategy processes technology use and knowledge with the purpose of evaluating and managing uncertainties an organization and its value chain faces irm categories of risk recognition involve business strategic risk operational risk financial risk and hazard risk one of the emerging risk management models which takes a fully integrative approach to identifying risk from a corporate director s and senior leader s perspective can be found in the director and riscx models the director model identifies eight core domains of risk from a corporate director s perspective that regulate the health and vitality of an organization s digital ecosystem the riscx model identifies five key causes of system risk within and across these domains digital directors network the eight domains of the director model are data information architecture risk communications emerging technology cyber security third party and operations of it risks the key causes of risk failures identified in the riscx model allow an assessment of the systemic nature of a company s risks from the perspectives of crossjurisdictional boundaries legal regulatory geographic replaceability of processes systems technologies in the event of a disruption interconnectedness of processes systems suppliers customers size and the overall complexity of organizations used together the director and riscx model allow a fully integrative view of systemic business cyber risk to emerge and become visible the threats 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