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Cybersecurity Beyond Traditional Risk Management

By Justin Hectus

At a recent CIO panel, an audience member asked the three of us on stage: “What do you see as your number one priority in the coming 12 months?” It was my turn to go first, and I responded “cybersecurity” without hesitation. The panelist that followed said that cybersecurity was a priority, but that it is a subset of risk management, which is much more comprehensive and includes as a subset cyber threats and cyber risk management. This was not the first time I have heard the chief information pro and/or technologist in a large company make that point, and I have to respectfully disagree.

While some time-tested risk management concepts and strategies may be exactly the right approach for dealing with cyber risk, relegating it to a subset of anything speaks to a lack of understanding of the problem and will ultimately increase risk significantly. The rapid pace of increasing complexity and the increasingly crippling impacts of cyber-specific threats demand a different degree of prioritization, resources and tireless attention than any other type of risk corporations face today. In the same way that technology will change the way we do business more in the next five years than any other catalyst, cyber risks will challenge our ability to operate more than any other threat.

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