Do Risk & Compliance Managers need to rethink Cyber?
T. de Bos and N. Malik
Cyber Risks Cyber Security or Cyber Risk? Our cyber security team is not unfamiliar with interested reactions when telling people what the nature of our work is. The exclamations of surprise might suggest that cyber security seems to carry with it an air of intrigue and mystery (and we must add that admittedly there aren’t too many jobs that have quite its appeal!). The intrigue is, we suspect, because cyber security remains one of those exciting
topics which seem reserved only for the technically competent and laden with jargon used to exclude those who aren’t in ‘the know’. With the increasing digitalisation of the world around us however, it is no longer enough to limit cyber security knowledge and awareness to security professionals. The considerations necessary to managing cyber risks become far less technical in nature and the socialising of cyber risks within organisations becomes an absolute must. When talking with CROs and other risk and compliance professionals we see a keen sense of interest, an awareness of the importance and urgency of addressing cyber risks and a recognition that cyber security needs to be on their agenda. We attended a conference in Amsterdam earlier this year where we observed a real desire, across an auditorium full of risk managers, to rethink cyber. The resounding consensus by all was that it was imperative for them to understand what technical risks are and how their organisations are becoming more susceptible to cyber crime in a technologically innovative landscape. Overall, we see that gradual steps are being made in achieving these ambitions however, not without a simultaneous nuanced sense of hesitation. This prompts us to consider whether risk and compliance managers are still being held back by a feeling of technical inadequacy or perhaps for want of better terminology, an instinctive default to the ‘traditional’ view that cyber risks are a different breed of risk, best understood and managed in their organisations by information security officers, as they typically always have been.
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