Cybersecurity is a hot topic among organizations’ executives and board members. That is no surprise, as the cost of cyberattacks continues to rise yearly. A 2022 IBM study found that the global average cost of a single data breach reached an all-time high of $4.35 million.
Cyberattacks and fraud can lead to business disruptions, financial losses, reputational damages and trust loss—all negatively impacting company performance and competitive advantages. All organizations have digital assets such as company secrets, confidential information and customer data that are essential to protect.
Cyberattacks and noncompliance have detrimental consequences for the business and can leave organizations in a competitive decline. While the C-suite has realized that the cyber threat is real, the challenge is that executive leaders and security leaders generally speak different languages.