Cybersecurity is not just a defensive strategy; it can be a powerful driver of an organization's success. In this episode of the Uncovering Hidden Risks podcast, host Erica Toelle talks to Nashid Shaker, AVP Information and Cyber Security at Canadian Western Bank Financial Group, and Antonio Maio, Managing Director at Protiviti, about how to tactically create a cybersecurity strategy that aligns with business goals, fosters trust, and enables innovation.
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Here are some of the key takeaways from the conversation:
- When embarking on cybersecurity strategy initiatives, it’s crucial to take a comprehensive and holistic approach. Nashid suggests looking at the macro environment, the organization's vision, and the foundational pillars of cybersecurity, which are: threat management and intelligence, risk management, security-centric culture, and governance.
- Cybersecurity strategies should be re-evaluated and refreshed regularly, based on factors such as emerging threats, technological advancements, regulatory changes, major incidents, and business growth or changes. On the other hand, tactical execution should be the focus when there are immediate vulnerabilities, routine assessments, or compliance requirements.
- One of the significant risks that organizations tend to overlook is the 'human factor.' Employee behavior and decisions can significantly impact cybersecurity. Nashid emphasizes the importance of fostering a culture of vigilance and empowering employees to identify and report suspicious activities.
- Cybersecurity can contribute to the bottom line and mission of the organization by helping protect intellectual property, maintaining customer trust, enabling innovation, enhancing investor confidence, and reducing financial impact. Nashid advises aligning security efforts with business priorities and demonstrating how a secure environment supports revenue growth, customer satisfaction, and regulatory compliance.
- Engaging with leadership around cybersecurity requires effective communication and alignment with business goals. Nashid recommends speaking the language of business, quantifying risks and impact, scenario planning, and adopting a proactive vs. reactive mindset.
- As we anticipate the integration of AI into various aspects of our lives, including cybersecurity, there are several key factors to think about to ensure a secure and successful future. Nashid suggests establishing stringent data governance practices, implementing zero trust architecture, and ensuring human oversight.
- Antonio shares his predictions for cybersecurity in the next 2-4 years, which include: AI driving efficiencies in detection, prioritization, and analysis of risk and security threats; organizations still defining and refining their approaches to cybersecurity and tool consolidation; a continued cybersecurity skills shortage; and more collaboration between data protection, compliance, and cybersecurity teams.
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