What’s missing is a fundamental shift in perspective. Cyber security must be seen not just as a technology issue, but as a business imperative. There needs to be a mindset shift whereby executive management steer their organisation’s cyber efforts. A “technology dominant” approach has never and will never solve the problem, despite technological advancements.
Our daily lives are intertwined with digitisation, creating a web of technological interdependencies. Coupled with potent cybercrime and an increasingly polarised geopolitical landscape, businesses and governments face escalating risks. Such complexities result in persistent, significant risks, gaps and misunderstandings leading to breaches that erode customer trust and revenue – the foundation for any successful business.
The main consequences of a cyber incident are operational disruption and revenue loss with cybercrime costing an estimated $10.5 trillion in 2025[1]. Real-life examples of widespread IT incidents and outages demonstrate that when things go wrong, it directly impacts the business. Additionally, in many countries around the world, senior executives are being held personally accountable by law for major cyber incidents in their organisations and can face penalties such as criminal convictions. Business leaders have a crucial role in managing cyber security as an operational risk, integrating it into the company's overall resilience strategy.
These aspects show why you, as business leader, are at the forefront of the cyber transformation within your organisations. Business leaders need to take action and steer cyber security beyond technology risks to drive substantial change.
As a business leader, you are the driving force in enhancing your organisation’s overall cyber resilience. By posing the right questions to your security and technology teams, you can shift the focus to achieving full transparency on the organisation’s genuine risk exposure and help these teams to find sustainable solutions that go beyond the implementation of tools.
In order to steer cyber beyond technology, there are five key areas where you play a critical role.
A mix of technology reliance, geopolitical dynamics, underinvestment, and complexity has created a perfect storm. At Deloitte, we see cyber threats as a business risk that must be addressed with the full backing of business leaders at the executive level. In today's digital world, business success hinges on how well cyber is integrated into organisational initiatives. Cyber security does not have to be daunting, overly technical, or costly. There is also no need to chase the latest technological hypes, but rather to focus on getting the basics right first. As a business leader, you should direct resources towards activities that have the greatest impact on cyber security, including simplifying and modernising your business processes and applications.
If you would like to know more about taking a holistic and business focused approach to cyber security, contact us.