How to reduce your company’s business risk

Digitization has led to major skill gaps around organizations' awareness of IT security. Managers have been neglecting their own as well as the organization's education in raising the awareness of the individual's responsibilities. This responsibility lies with the CEO and the Board. The responsibility cannot be delegated, but the tasks can.

The lack of competence regarding security responsibilities creates large gaps in organizations. This means that it becomes possible and easy for threat actors to attack. We are not just talking about the usual cybercriminals, but also national states, which have the time, money, capacity and know our vulnerabilities.

At Sorasec we have a team of experts who work with business risks every day. We see that there is a lack of focus on addressing the potential of cyber threats in the daily digital business with others. A boost in skills regarding areas such as cyber threats, cyber risk and business risk is necessary.

More awareness around IT security is needed

Most organizations are good at investing in information infrastructure in order to optimize business processes and to meet customer demand. However, awareness about the digital dangers that we are dealing with is not yet very high. Not only does this jeopardize organizations’ viability, but also their data.

Companies that have a well-thought-out cyber security agenda appear to be pros, even though they lose great value in cyber-attacks. Like the 2017 Maersk incident or Yahoo, who lost over $ 300 million for not having a good strategy on data security, and not being honest with its customers that they had leaked all of their data.

Together with our partners, Sorasec work with clients across Europe to raise awareness of the importance of safeguarding digital assets.

This is not a revolution, but a systematic and fundamental strategy to help leaders, developers and others who have been delegated the responsibilities. We monitor alerts and help when things go wrong. Our European customers operate worldwide, and we support them 24/7.

Our three focus areas when preparing an agenda for IT security includes:

Business risk – risk of direct or indirect losses caused by errors in important business systems, processes, procedures, or people.

Reputation – risk for loss or damage regarding the organization’s reputation or public image.

Legal or Compliance Risk – risk for loss or damage due to legal action being taken against an organization for breaking the law or regulations, for example concerning GDPR