3WaySecure Consulting

Is Cybersecurity Risk a Business Risk?
business risk, cybersecurity risk, industrial cybersecurity

Segregating cybersecurity as a technology problem will be damaging to any business. It has
become imperative for business leaders to understand the risk cyber threats pose to the
operations of the business and business continuity. One can take clues from real-world incidents
such as the Norsk Hydro cyber-attack or the Colonial Pipeline cyber-attack. In reality, cybersecurity
risk is a business risk in industrial ecosystems when compared to enterprise environments.
The consequences of cybersecurity risk in an industrial environment are not mere data loss, it
disrupts the entire business operations. Resulting damages may be as bad as destruction to
physical assets. For any business, the key to successful operations and avoiding costly surprises
will be cybersecurity risk management

The risk of converging OT and IT

Nowadays, technology is pivotal to conducting and driving any business forward. For industrial ecosystems, Industry 4.0 or digital transformation has created significant challenges. It has opened up the once air-gapped infrastructures to cyber threats. This digital transformation necessitates the convergence of OT and IT, which brings two different types of operational assets with opposing priorities. In this development, steps to protect your business against a cyberattack, needs to be more than just an exercise of filling the check box of compliance standards.

Expensive technology is not the solution to cybersecurity risk

Buying the most expensive security technology will not necessarily solve the cybersecurity
problem in isolation. Retrofits or tweaks to legacy ways or non-strategic decisions may prove to
be ineffective.

Taking the first step to protect your business

“Cyber risk for each business is unique in the same way that each cyber-attack is unique”.

The approach to cybersecurity needs to be risk-based, by measuring risk holistically throughout the
business. The key is to understand the operations that are critical to the business success, and
strategically applying the right formula of people, process, and technology in proportion to the
business risk. This results in enabling businesses to take effective counter-risk measures.

The first step in protecting a business from cyber-attacks starts with conducting a cybersecurity
risk assessment. It starts with measuring the risks corresponding to the infrastructure and
business environment against cyber threats and mitigate the risks in a prioritized order. Cyber
risk for each business is unique in the same way that each cyber-attack is unique. It is important
to understand the different attack methods, vulnerabilities, threat actors and apply that
knowledge with the specific business environment to produce a practical road map to

Establishing cybersecurity risk in business terms is critical to making the right business decisions and mobilizing the right resources to tackle this rapidly evolving threat to businesses.

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