Building a Cybersecurity Culture
In Financial Organisations
In the current day and age of evolving cyber threats, a silo approach to cybersecurity is no longer sustainable. Viewed as an unwillingness to share information across departments in an organisation, a silo approach gradually exposes weaknesses in armour protecting businesses and impacts organisational resilience. To stay up-to-date with the evolving threat landscape, organisations need to build a robust cybersecurity culture from the top-down.
What is Cybersecurity Culture?
An organisation’s cybersecurity culture refers to the set of values, ideas, and social behaviour that shapes its cybersecurity strategy and approach. If combating cyber threats is an ongoing war, then an organisation’s cybersecurity culture would be its overarching war plan. In that regard, building a robust and sustainable cybersecurity culture is crucial in defending an organisation against cyber attacks.
The Importance of a Strong Cybersecurity Culture
Chief to securing an organisation against cyber attacks are people, not just technology. Phishing scams and social engineering are becoming increasingly rampant across Southeast Asia, spurring the Monetary Authority of Singapore (MAS) to implement measures to bolster digital banking security. The financial sector remains as one of the industries with the highest data breach costs, second only to the healthcare sector.
Workplace culture plays a significant role in the security posture of organisations, given employees are often the first line of defence against cyber attacks. A resilient cybersecurity culture will inevitably aid organisations against cyber threats, while also enhancing their brand reputation and fostering stronger consumer trust.
Developing a Sustainable Cybersecurity Culture
1. Cybersecurity as a business enabler
However, the value of cybersecurity is in driving business growth. Organisations with robust cybersecurity gain a competitive advantage and have stronger organisational resilience. Key stakeholders need to prioritise and incorporate cybersecurity into their company’s core strategic plans. Exhibiting executive support behind such initiatives provides a strong vision for employees to support.
2. Communicate cybersecurity policies and procedures to all staff
Besides C-suite executives and key management, cybersecurity should also be treated as a responsibility for all staff. Organisations need to put in place strong cybersecurity policies and procedures for employees to adhere to. This provides employees with a guideline and equips them with good cyber practice. It is particularly important for organisations to educate and ensure all staff understand the policies and procedures. Without understanding and enforcement, written policies and procedures make minimal impact on cybersecurity.
3. Implement third party cyber risk management
A strong cybersecurity culture also extends to third parties such as vendors, clients and partners. The now infamous SolarWinds supply chain attack is a prime example of how third party risks can affect an organisation’s cybersecurity posture. To manage cyber risks arising from third parties, organisations need to implement a vigilant vendor management system. As the cyber threat landscape evolves, organisations should continually review, monitor and improve the system.
Cyber Risk Management with Robust Cybersecurity Culture
A robust and healthy cybersecurity culture leads to a more imformed and cyber aware workforce that takes steps to protect themselves and your organisation. As prevention is better than cure, stakeholders’ involvement forms the foundation to a strong cybersecurity culture and a more risk aware organisation. Cyber attacks can often be minimised allowing organisations to focus on business growth.
CSIntelligence supports businesses in building organisational resilience through robust cybersecurity governance, management, and operations. Reach out to us today for a non-obligatory discussion on how we can further support your journey towards building a strong culture of cybersecurity in your organisation.