Cybersecurity is a key concern today for businesses around the globe. Recent reports that hackers stole 500 million passwords and usernames from Yahoo prove that even the largest and most well-resourced businesses are not immune to the attentions of cybercriminals. The likelihood is that all organizations will face a breach at some point, whether intentional or accidental.
With risks so high, there is no shortage of advice on cybersecurity. However, most focus is on IT risk, identification and technology oriented solutions, with too little attention paid to the broader, strategic causes and implications.
In this Executive Insights, L.E.K. Consulting partners Clare Chatfield and Larry Verge recommend a holistic approach to cybersecurity that addresses both the technology and people-based risks, and also accounts for the strategic, commercial and operational impact of controls, taking into account the trade-off between risk reduction and competitive advantage.