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Why Care & Why Now
Why and How Should CEOs, Board Chairs and CISOs
Treat Breach Prevention Readiness Differently Than They Are Now?
Cybercrime is now the third largest economy in the world. CEOs and Boards will pay $7.9 trillion for it in 2023
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As presented by Cyber Nation Central®'s Chairman & CEO, Andrzej Cetnarski, at RSA 2023 in San Francisco, to an audience of Board Directors, CEOs, and CISOs.
FOR FULLL RSA CONFERENCE PRESENTATION, CLICK HERE.
Cybercrime growth is outpacing all industries, including cybersecurity
- Private and government sector leadership is projected to spend $7.7trn more on covering the cost of cybercrime in 2023 than on cybersecurity.
- Boards' current methods of dealing with cybercrime are not working.
- More technology is not solving the issue.
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The cybercrime-cybersecurity gap is projected to reach $10.1trn by 2025 as cybercrime outpaces the growth of not just the cybersecurity industry but all industries.
-
This means your EBITDA growth is not enough for you to outrun its impact unless you shift your strategy.
Boards & C-Suites of US companies will pay an average of $9.9mm per breach in 2023.
- Canada is in second place, at $5.9mm average cost of breach.
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UK has climbed to third place as the most expensive average cost of breach country, as of 2022.
Healthcare topped all others as the most expensive average cost of breach industry for the 12th year in a row. Financial services was second
- The average cost of breach in the healthcare industry keeps rising year over year.
- With the vast amounts of technology being deployed into the industry, it is clear we need a different approach.
This cost accounts for only the 7"above-the-surface" cyberattack impact factors. It omits 8 "beneath-the-surface" ones that have been shown to be as much as 30x that amount
"Beneath-the-surface" breach impacts can be nearly 30x more costly than those "above-the-surface"
Using this Case Study and the $11.1mm average cost of "financially quantifiable above-the-surface" cost of a breach in the healthcare industry, the "beneath-the-surface" costs could amount to an additional $305mm in:
- Lost contract revenue
- Lost value of customer relationships
- Devaluation of trade name + D&O reputations
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Increased cost to raise capital
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Insurance premium increases
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Operational disruption
This does not include potential additional loss of intellectual property.
Is the ExecutiveCybersecurity
Blueprint™
right for you?
Fill out our short questionnaire to see if you are ready to get your Board & C-Suite cyber-ready with the Executive Cybersecurity Blueprint™
“This is the only protocol in the market that
teaches Boards,
C-Suites, and
Investors
how to
think
about their own and their organizations’ cybersecurity holistically and execute on it 360º.
The information was excellent.”
Jonathan H.
Chairman · healthcare information provider
You have a 37.5% probability of being breached in the next 2 years
This means you have a 37.5% chance of incurring an average $9.9mm average cost of breach in the next two years, or 18.75% in the next 12 months.
2023 Probability-Adjusted Cost of Breach ($mm)
"A conservative Board ought to require a contingency reserve for this $1.8mm contingent liability while a less-conservative one ought to at least mandate financial statement disclosure, either mitigated only by implementation of a proper breach prevention protocol from the Board down."
Former Investment Banker, UBS Investment Bank
Finance MBA (Wharton), Economics AB (University of Chicago)
You have a 100% probability-adjusted chance of experiencing a $1.8mm hit to your Profit & Loss in the next 12 months from a breach ($2.1mm for healthcare)
With a $9.9mm average cost of breach, 18.75% probability of incurring that cost in the next 12 months, you therefore have a 100% probability-adjusted chance of incurring a $1.8mm hit to your profit over the next year. This excludes hidden, "beneath-the-surface" costs like operational disruption, customer and revenue loss, insurance premium increases, reputational and psychological damage, and loss of IP.
70-97% of breaches are caused by cyber(in)secure behaviors and strategy, not CISO or technology weaknesses.
Cause of Cyber Breaches
Root of the Problem
Cultures ofCyber(in)secure Behavior
&
CEOs, Boards, & C-Suites
that Allow/Enable Them
Up to 97% of cyber breaches are therefore caused by cultures of cyber(in)secure behavior that are within the CEO, Board & C-Suite's power to correct with a proper breach prevention protocol yielding a breach-deterrent culture of cybersecurity
Most Directors & Executives aren’t trained on a breach-preventative protocol, much less how to create & maintain a culture of breach-deterrent cybersecurity & how to own their individual cyber fiduciary roles & tactical responsibilities.
Instead, most relegate cybersecurity to the CISO, not realizing that the core concept of cybersecurity isn’t what most Boards and C-Suites think it is....
THE CORE CONCEPT OF CYBERSECURITY ISN'T WHAT MOST BOARDS & C-SUITES THINK IT IS...
While it’s possible to buy the most cybersecure enterprise tech and hire a top CISO, as DHS CISA's Jen Easterly said:
- “Cybersecurity ultimately [is] not about tech. It’s about people & culture ” and
- “Cyber risk can’t be delegated. It’s not the job of that IT Team over there. It’s the purview of CEOs, Boards, business leaders .”
Culture starts at the top.
Board Directors and Executives must therefore follow a protocol for how to behave cybersecurely themselves and they must be creating, fostering, and driving a culture of both:
- Individual Cybersecurity – professional, personal, family – throughout the organization’s ranks, since all three impact the organization, and
- Organizational Cybersecurity, including Board- and C-Suite-wide:
- Cybersecurity strategy, since cybersecurity is also no longer an issue of just tech and behaviors but of innovation and governance strategy, geopolitical strategy, regulatory compliance strategy, and cyber insurance strategy and
- Individual and collective fiduciary duties critical to regulatory compliance and tactical roles and responsibilities necessary for actual breach deterrence.
Your Board and C-Suite will find the Executive Cybersecurity Blueprint™ indispensable.
Gain insights that have never been available before and transform your own ability to protect your people, assets, and ROI.
ABOUT US
Cyber Nation Central® is a premier global cybersecurity insights, protocol, and advisory firm dedicated to helping members cultivate cybersecure-by-design Boards and C-Suites, empowering them to authentically create and lead cultures of cybersecurity in their organizations.
Our mission is to help elevate the security posture of critical infrastructure organizations, ultimately leading to more secure renditions of our physical nations. With a focus on breach prevention, we strive to bridge the gap between digital and physical sovereignty to ensure the protection of our nations' people and vital assets.
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