This week, StrategicRISK caught up with Adam Selwood, co-founder of Cynch Security, to get his thoughts on where risk managers should be focusing their attention in 2020. 

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Here at StrategicRISK, we spend a lot of our editorial time focussing on the needs of risk managers in large, multinational companies. When it comes to cyber security, however, it pays to start small. Most supply chains for multinationals will include a significant portion of SMEs, all of which pose a risk to your business if they aren’t focusing on the right cyber security measures. 

1. Speed matters

Focus on getting your staff up-to-speed on how they should behave in a cyber safe way. Teach them, using plain language, exactly how to do their jobs in a secure way, and show them how easy it can be to act how you’d like them to. Go beyond security awareness training, and begin to truly influence your staff to act better.

2. Size doesn’t

Small businesses need to consider what they can do in order to secure their businesses and they should start by getting the basic hygiene right - patching, multi-factor authentication etc. Large businesses need to consider how secure the small businesses in their supply chain are. If you have concerns over the security of SMB suppliers, look for ways you can support them to improve, therefore improving your own risk profile.  Also, consider holistically what solutions will help a small business supplier. A VPN and password manager is a place to start, but that’s only a sliver of what they need. 

3. Remain regulation focused

Consider how you would respond to the Privacy Commissioner or any other regulator at the time of a breach. Could you really say you have done everything reasonable to protect the data you hold? If the answer is no, then consider how to change this and get on with it.

4. Be evidence ready

Also, consider how you will be able to give evidence of the steps you have taken to do the right thing. If you’ve invested in your security them you should get credit for it - create efficient ways to track your progress and demonstrate it out. 

5. Secure your advantage

Security will start to become recognised as a differentiator. Consider how you can turn your investment into security into a competitive advantage in the market.

 

Adam Selwood is the co-founder of Cynch Security 

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