Why Cyber Risk Should Be Considered a Business Risk and a Government Institution Risk By Juan Pablo Castro , Director of Cybersecurity Strategy & Technology (LATAM) at Trend Micro Inc.
W ith over two decades of experience in the field of cybersecurity, I have seen firsthand how cyber risk has evolved from being a technical issue confined to IT departments to a critical business and operational concern. This shift is evident across both private sector businesses and government institutions. Recognizing cyber risk as a core business risk is crucial for safeguarding operational continuity, financial stability, and public trust. The 4Vs framework—Value,
Velocity, Variety, and Visibility— provides a comprehensive approach to understanding and managing these risks. Cyber Risk as a Business Risk In my work with various businesses, I’ve observed that cyber risk management is essential for protecting financial health and operational resilience. Cyberattacks can lead to significant financial losses through data breaches, ransomware, and business
interruptions. The average cost of a data breach can be staggering, encompassing lost revenue, remediation efforts, and potential legal penalties. Cyber incidents can also severely damage a company’s reputation, resulting in loss of customer trust and long-term market position. To address these risks, businesses must consider the 4Vs: 1. Value: Understanding the value of digital assets is crucial.
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Florida Technology Magazine – 2024 Fall Edition – 7
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