In the cyber age, data has become nearly as valuable as oil. While this market shift offers many new learning and growth opportunities for professionals across industries, the immeasurable amount of data is often quite overwhelming to non-analysts, leaving them feeling more lost than when they began their inquiries. ‍ This situation often rings true for cybersecurity leaders tasked with protecting an organization's digital assets against attacks and increasingly malicious actors.

In response to the growing number of malicious actors that have managed to exploit cybersecurity vulnerabilities and cause irreparable damage to organizations, governments worldwide have decided to intervene, recognizing a need for a systematic approach to safeguarding national assets. Helping to lead the way in this institutionalized effort is the Australian Prudential Regulation Authority (APRA). ‍

During my first few years as a CISO at Avid Technology, I was able to install a robust cybersecurity program. (Avid is a software provider that equips digital content creators with innovative tools.) With the help of my security team, Avid had become more mature in their control measures. This maturity meant we were better armed to address cyber vulnerabilities. ‍ Unfortunately, on top of my regular duties, I also had to face an even greater challenge.

‍ As one of the youngest global industries, cybersecurity presents many challenges. It's a complex sector with many components to master. Security leaders find fortifying an organization's security measures tough. This obstacle is made even greater by the quickly evolving threat landscape. Another tricky hurdle is communicating and justifying their actions to the boardroom. ‍

‍ The use of risk matrices for decision-making purposes extends back to the 1980s when the US Department of Defense needed a quick and easy way to evaluate hazards in safety systems engineering. Since then, the matrix has been applied in multiple fields to assess potential results and their associated risks, emerging as an instrumental tool for organizations grappling with making high-level strategic investments. ‍

‍ The US Securities and Exchange Commission's complaint against SolarWinds and its Chief Information Security Officer (CISO) Tim Brown has sent shockwaves through the cybersecurity community. Solarwinds and Brown have been accused of fraud, the details of which can be found in an extensive 68-page document. ‍ This complaint, in itself a bold move, has been particularly jolting to cyber professionals given the SEC’s July 2023 regulations.

The global marketplace faces an increasingly destructive cyber risk landscape each year, and 2024 is set to confirm this trend. The cost of data breaches alone is expected to reach $5 trillion, a growth of 11 percent from 2023. As technology advances, attackers continue to develop new, more sophisticated methods for infiltrating systems and exploiting vulnerabilities. ‍ Amongst cyber experts, it is now widely acknowledged that the question of an attack is not ‘if’ but ‘when.’

In late July, the US Securities and Exchange Commission (SEC) enacted a groundbreaking ruling for the cybersecurity industry. Amid an increasingly risky cyber landscape, the new Ruling S7-09-22 requires all registrants to disclose material cyber incidents within four days of detection and provide a detailed description of their cyber risk and governance management programs.

‍ The global economic situation is far from encouraging. The IMF’s World Economic Outlook predicts growth will again fall by 3% in 2024 as central banks continue to fight inflation. Businesses throughout all industries are expected to tighten their budgets for the upcoming year, scrutinizing and slashing spending across departments. ‍ At the same time, recent research reveals that the global cost of cyber attacks is expected to reach $10.5 trillion annually.

Working with third-party service providers is part of doing business. Even before the digital revolution, entrepreneurs enlisted logistics and shipping providers, payment processing services, and other outsourced companies to help them streamline operations and reduce costs. ‍ Today's marketplace is no different, although the available third parties have evolved to fit organizations' growing digital needs.