How to Safeguard Your Business from Cyber Threats
In today's digital age, the stakes for cyber security have never been higher. Business Leaders across the globe are grappling with evolving threats, making it essential to build robust, proactive strategies to protect their organisations. We know this because it comes up consistently in our strategic planning workshops.
That’s why we invited an expert panel to the launch of our 24HR Business Community event - to share practical and manageable strategies to safeguard your business from cyber threats. Moderated by Andrew Baxter, Founder of 24HR Business Plan, the panel featured:
Serina Wakelam - Group Cyber & Identity, Coles Group
Tracey Hughes - Founder, Q1 Group
Ron Gauci - Non Executive Director and former CEO, AIIA
Here’s what they had to say…
Make Cyber Security a Leadership Imperative
Embedding cyber security into the core of leadership starts with active involvement. For Serina Wakelam, this means understanding fundamental cyber security concepts, fostering open and informed discussions with IT teams, and making strategic decisions that bolster the organisation’s defences. This approach empowers leadership to take control and ensures cyber security becomes a shared responsibility across the company.
Cultivate a Cyber Resilient Culture
A strong organisational culture that emphasises cyber security can be one of the most effective defences. The panellists highlighted the importance of integrating cyber security best practices into daily operations and ensuring all employees are educated on maintaining secure behaviours. It’s essential to nail the fundamentals, particularly around password storage and protection.
Prepare for the Unexpected
Tracey Hughes pointed out that the organisations most resilient to cyber threats are those with comprehensive disaster recovery and business continuity plans. Ron Gauci added that clear, pre-planned scenarios and communication strategies are essential, enabling businesses to respond swiftly and confidently when incidents occur. Testing these plans regularly ensures everyone knows their role during a crisis.
Build a Network of Expert Partners
Ron noted that collaboration with external experts and third-party service providers can bring valuable perspectives and enhance a business’s cyber security posture. Relying solely on in-house capabilities may limit a company's readiness, whereas partnerships with specialised firms can bridge gaps in expertise and provide access to the latest security practices and technologies.
Evaluate New Tech with Purpose
Serina shared that while adopting new technologies can strengthen cyber security, leaders should proceed with caution. The key is to ensure that new tools align with existing systems and strategic goals without overshadowing core security fundamentals.
Prioritise Smart Cyber Spending
Although budgets might be tight, Tracey highlighted that under-investing in cyber security can lead to substantial long-term costs. Organisations should take a proactive approach to evaluating their cyber security investments by comparing the costs of preventive measures to the potential expenses associated with breaches. Hidden costs such as litigation and loss of trust should never be overlooked.
Commit to Continuous Learning
Cyber security is a dynamic field that requires a commitment to continuous learning. All panel experts agree that leaders and their teams should engage in regular training, keep protocols up to date, and foster a culture of open dialogue on emerging threats and best practices.
As business leaders, it’s important to remember that you don’t need to be a cyber expert. Your job is to prioritise security and foster a shared sense of accountability right across the organisation. By applying these practical and manageable strategies, you’ll have the powerful essentials in place to safeguard your business.
24HR Business Plan would like to thank our expert panel and client sponsor Zerocap for bringing this event to life. Stay tuned for more topical events and chances to connect with fellow members of the 24HR Business Community.
