Cybersecurity is no longer an IT issue, it is a necessity for business. In today’s digital world, a cyber-attack can disrupt operations, damage reputation and cost millions. CEOs still interpreting cybersecurity as technical issue rather than a strategic business priority. This article discusses: (1) Why CEO should be involved in cybersecurity; and (2) Importance of cybersecurity to business growth and sustainably.

The True Cost of Cyberattacks

Breaches are extremely expensive. Research indicates that data breaches cost an average of over $4 million, and even higher for big enterprises. On top of these direct financial losses, companies incur the following expenses:

  • Regulatory fines for violating a data protection regulation, such as the GDPR or CCPA.
  • Legal liabilities to any customers or partners that were harmed.
  • Loss of trust from customers, leading to a hit to revenue.
  • Operational downtime, resulting in less productivity and supply chain disruption.

The Influence of Cyber Security on Growth Business

Investing in cybersecurity goes beyond combating attacks, rather, it is about growth. A strong security posture can help the following:

  • Build customer confidence, particularly in industries where sensitive data is handled (finance, healthcare, etc.).
  • Ensure compliance and avoid fines and legal ramifications.
  • Protect your intellectual property, which will protect your competitive advantage.
  • Enable partner relationships, as many organizations expect their vendors to have robust cybersecurity in place.

Common CEO Mistakes Regarding Cybersecurity

Many CEOs don’t realize they are actually working against their own cybersecurity efforts. The things CEOs do that undermine good security practices include:

  • Believing that cybersecurity is merely an IT issue – Cybersecurity is addressed at an organization-wide level.
  • Never conducting security audits and tests for vulnerabilities – Cyber threats are constantly changing.
  • Cultivating a cybersecurity culture – Employees are frequently the biggest security risk.
  • Believing and/or Suffering Ransomware – A single ransomware attack can render the entire operation non-functional.

The Role of a CEO in Cybersecurity

  • CEOs do not need to be security experts; however, they need to model the behavior. The critical things to do are the following:
  • Make it a priority in the boardroom – allocate time, budget, and resources.
  • Require regular vulnerability assessments – Stay informed of company’s vulnerabilities.
  • Build a security culture throughout the company – train employees in security best practices.
  • Work with the CISO and IT leaders – define security objectives/look for defined objectives.

Security is a business enabler, not a cost center. Bottom line, CEOs who adopt and consider security as part of their strategy will protect their organizations and perhaps be trusted and resilient when a cyber threat/dangerous event occurs. What will your organization do about it today today? How is your organization involving the role of the executive in cybersecurity?

You can check our Top Threats for 2025 here