In a dynamic roundtable discussion titled “Cyber Security is Business – Building Business Models around Cyber Security,” esteemed thought leaders and industry experts delved into the ever-evolving landscape of digital security. The event explored the idea that drawing insights from past experiences can be invaluable in tackling current challenges. Participants drew parallels from the automotive industry’s transformation, comparing the shift from horse and carriage to revolutionary electric vehicles like Tesla to the ongoing evolution in Cyber Security, questioning whether it represents an evolution or a revolution.
Central to the discussion was the foundational role of technology in modern businesses, where Cyber Security emerged as a crucial component. The banking and fintech sectors’ transformation, marked by automation and mobile banking, served as a compelling example of the imperative for a robust Cyber Security framework intertwined with technology. Participants left the event contemplating whether Cyber Security is now ingrained in the very fabric of their businesses.
Emphasizing the importance of Cyber Security, the event shed light on the lack of a strategic response to Cyber Security issues and the prevalent perception of it being a last-minute priority. The significance of organizational culture in influencing people’s attitudes toward Cyber Security was highlighted. It was recognized that without establishing a Cyber Security culture at the highest leadership level, all efforts in this realm were susceptible to failure. Moreover, an overemphasis on technology and budget constraints forced organizations into a reactive stance, consistently playing catch-up.
The concept of mindset emerged as a critical driver in fostering a robust security culture within organizations. Participants discussed the distinction between fixed and growth mindsets, with the latter embracing learning and continuous improvement. The question arose whether organizations exhibit a fixed or growth mindset when it comes to security matters.
Acknowledging the complexity of the human element, the discussion explored the challenge of effectively communicating Cyber Security risks to employees working in diverse environments. Engaging learning and training teams, employee engagement teams, and HR teams were deemed essential in finding captivating ways to discuss Cyber Security. Integrating Cyber Security into conversations about the benefits of digital engagement was proposed as an effective approach. Additionally, participants emphasized the importance of considering language differences and understanding the difficulty of driving cultural change and altering human behaviours.
Addressing the human aspect of Cyber Security, the analogy of steering an elephant on a path was used to illustrate the role of rational thinking and emotional factors in behaviour change. Effectively conveying the importance of Cyber Security and digital transformation was identified to gain buy-in from both rational and emotional aspects of individuals. Addressing the human element could significantly reduce the risks and vulnerabilities associated with Cyber Security incidents, as people are often targeted as the weakest link in security. This underscored the need for cybersecurity maturity models and programs.
The importance of implementing a mature Cyber Security program within organizations was emphasized. Clear frameworks guiding security efforts were deemed essential, enabling proactive planning and budget allocation. While allocating a dedicated portion of the technology budget for security purposes posed challenges, it was considered crucial. Establishing communication networks across banks to share information and prevent cyber threats was also recommended.
Cyber Security was celebrated as an enabler for business growth, much like brakes in a car that enable the utilization of emerging technologies like AI (Artificial Intelligence), IoT (Internet of Things), and the cloud. Cyber Security was positioned as an accelerator rather than an obstacle within organizations, leading to enhanced communication about its significance.
In conclusion, the roundtable event facilitated engaging discussions on the interconnectedness of technology, Cyber Security, and the human element. By drawing insights from past experiences, embracing continuous improvement, and fostering a resilient Cyber Security culture, organizations can confidently navigate the digital landscape and drive business success amidst evolving cyber threats.