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Insuring the Intangible: Cybersecurity Beyond Compliance - The Question of Insurance

Recently, while reviewing the renewal quote for my pet insurance, a thought nudged my mind: why do we willingly delve into the realms of insurance, despite no legal compulsion? The premium often seems an added financial burden for a service we wish never to utilise. My decision to insure my pet stems from the desire to shield myself against significant expenses in the event of unforeseen incidents, a safety net for both my pet and me.

The Corporate Dichotomy

This led me to reflect upon the corporate world’s approach towards investment in information and cybersecurity. There's a jarring divide in perception. Physical defences, such as locks and security personnel, are seen as imperative. In contrast, virtual defences often bear the tag of mere compliance requirements, an expense to be minimised.

Why this paradox when the implications of virtual breaches could be as, if not more, catastrophic? Companies invest considerable resources in physical security, but why is the virtual aspect still languishing in the shadows of mere legal and contractual adherence?

Frameworks and Risk Assessment

Enter the frameworks like ISO2001 and NIST. They propose a risk-based approach to cybersecurity, emphasising the criticality of understanding and mitigating risks rather than adhering to a rigid set of controls. Like choosing the right insurance policy, this involves a thorough risk assessment, understanding the vulnerabilities, and implementing controls that significantly reduce exposure.

The Impact

Here lies the crux of the issue: viewing security as a mere compliance cost rather than an essential shield against potential risks. This perception leads to a sporadic focus on security, leading to bursts of activity centered around certification and audits but leaving the organisation vulnerable in between.

This trend turns the role of information security professionals into perpetual crisis managers, detracting from their true role of fortifying the organisation against potential threats.

Changing Perspectives

The key lies in a shift in perspective. It’s essential to elevate the status of cybersecurity within organisations, treating it on par with other critical functions like HR, Finance, and Operations. This transition is more than a procedural change. It’s about embedding security into the organisation’s DNA, recognising its role in achieving company objectives and safeguarding the organisation’s assets, reputation, and future.

At RTG Commercial Services Ltd, we firmly believe in this holistic approach to security. We understand that true security transcends compliance. It’s about proactively identifying and mitigating risks to forge a robust, resilient, and future-ready organisation. Join us in this journey towards comprehensive organisational security, safeguarding not just information but the very essence of your enterprise.

In the world of digital interactions, let’s insure the intangible, not out of compulsion, but out of a commitment to safeguard our collective digital future. If you would like more information on how to do this in your organisation, contact us for a free introductory chat - and in October, we are offering a free Power Hour worth £195!

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