Cyber security is no longer just an IT issue. It is a critical business concern that must be addressed at the highest levels of any organisation. As cyber threats become increasingly sophisticated and prevalent, the role of the board of directors in overseeing cyber security has never been more crucial. In this article, I’m going to explore why cybersecurity should be a persistent agenda item at the board level and why it is essential for business leaders to take it seriously.

Cyber threats have evolved from simple hacks to complex, targeted attacks that can cripple entire organisations. These threats include ransomware, phishing, advanced persistent threats (APTs), and insider threats, among others. The financial and reputational damage resulting from a cyber-attack can be catastrophic, affecting shareholder value, customer trust, and the overall viability of the business.

With the rise in cyber-attacks, governments and regulatory bodies worldwide have implemented stringent data protection and privacy laws. Compliance with regulations such as the General Data Protection Regulation (GDPR), the Data Protection Act 2018, and others such as Cyber Essentials, ISO 27001 and many more. Non-compliance can result in hefty fines and/or legal repercussions. Therefore, it is imperative for the board to ensure that the organisation not only complies with these regulations but also adopts best practices in cyber security which some of these regulations, compliance and frameworks are specifically designed to do.

What about the cost of a cyber attack?

Cyber-attacks can have a significant financial impact on an organisation. The costs associated with a breach include not only immediate expenses such as forensic investigations, legal fees, and public relations efforts but also long-term costs related to regulatory fines, loss of business, and increased insurance premiums. According to a report by IBM, the average cost of a data breach in the UK in 2023 was £3.75 million. The financial stakes are exceptionally high for businesses, especially those in sectors like finance, healthcare, and critical infrastructure. They far exceed the value shown in the IBM report.

In today’s interconnected world, reputation is one of your most valuable but often intangible asset. A single cyber security incident can erode customer trust and damage an organisation’s brand image beyond that of any other incident. The impact on reputation can be long-lasting, affecting customer retention, acquisition, and overall market position. Business leaders must recognise that protecting the organisation’s reputation is as important as safeguarding its physical assets.

Traditionally, cyber security has been viewed as a technical issue, delegated to the IT department. However, the increasing frequency and severity of cyber threats demand a strategic approach, making it a board-level concern. Here are key reasons why cyber security should remain a constant agenda item for the board.

Strategic Oversight

The board has a fiduciary responsibility to ensure the organisation’s long-term success. This includes safeguarding its assets, both tangible and intangible. Cyber security is integral to protecting these assets. By keeping cyber security on the board’s agenda, directors can provide strategic oversight, ensuring that adequate resources are allocated to cyber security initiatives and that these initiatives align with the organisation’s overall strategy.

Risk Management

Cyber security is a critical component of enterprise risk management. The board must be proactive in identifying and mitigating cyber risks. This involves understanding the organisation’s risk appetite, assessing the potential impact of cyber threats, and implementing appropriate controls. Regular updates on cyber security posture, incident reports, and risk assessments should be standard practice at board meetings.

Governance and Accountability

Effective governance is essential for robust cyber security. The board should establish clear policies and frameworks for cyber security, ensuring that there is accountability at all levels of the organisation. This includes defining roles and responsibilities, setting performance metrics, and conducting regular audits to assess compliance with cyber security policies.

Crisis Management and Incident Response

In the event of a cyber-attack, the board must be prepared to act swiftly and decisively. This requires having a well-defined incident response plan in place, with clear protocols for communication, containment, and recovery. The board should regularly review and test the incident response plan to ensure its effectiveness.

Continuous Improvement

Cybersecurity is not a one-time effort but an ongoing process. The threat landscape is constantly evolving, and so must the organisation’s defences. The board should promote a culture of continuous improvement. Encouraging regular training, awareness programmes, and investment in the latest security technologies.

In conclusion, cyber security is a critical business issue that demands the board of directors’ attention. Business leaders can provide the strategic oversight, governance, and resources necessary to protect the organisation from cyber threats. This proactive approach mitigates risks and enhances the organisation’s resilience, ensuring its long-term success in an increasingly digital world. Business leaders must recognise that in the realm of cyber security, complacency is not an option—vigilance and proactive management are imperative.

For more information on how we approach cyber security and the roles of the CISO and external security consultancy, contact Planet IT today. You can call 01235 433900 or email [email protected]. If you want to speak to me directly, you can contact me via DM or at [email protected].

Investing in technology that enhances productivity and efficiency is paramount. Microsoft 365 Business Premium is a comprehensive suite designed for small—to medium-sized businesses and is often associated with its core functionalities like email through Outlook and communication via Teams. However, inside this robust platform, there are a plethora of additional features that can transform your business operations, yet many of these remain underutilised by those who purchase the product.   

Today, I want to scratch the surface of what lies within Microsoft 365 Business Premium that you most likely don’t know about and that would most certainly add substantial value to your Business.  

Advanced Security and Compliance Tools 

One of the standout features of Microsoft 365 Business Premium is its advanced security and compliance capabilities. These tools are critical for protecting sensitive business data, ensuring regulatory compliance, and mitigating cybersecurity risks.  

Microsoft Defender for Office 365 provides comprehensive protection against sophisticated threats such as phishing and malware. This feature includes safe attachments and links, which actively scan and neutralise malicious content before reaching your inbox. Moreover, the Data Loss Prevention (DLP) policies help prevent sensitive information from being shared inadvertently by identifying, monitoring, and automatically protecting sensitive data across Office 365.  

For businesses with stringent regulatory requirements, the Compliance Manager within Microsoft 365 provides detailed insights and actionable guidance to help you stay compliant with various standards and regulations. This tool simplifies the compliance process by offering a compliance score, which indicates how well your organisation is aligned with compliance requirements and recommendations for improvement.  

Intelligent Cloud Storage with OneDrive and SharePoint  

While many businesses use OneDrive and SharePoint for essential document storage and sharing, their capabilities extend far beyond these functions. OneDrive for Business offers seamless synchronisation across devices, ensuring your employees can access the latest files anytime, anywhere. The built-in Version History feature allows you to track changes and restore previous versions of documents, providing a safety net against accidental deletions or unwanted modifications.  

SharePoint, on the other hand, excels in creating collaborative spaces. It’s a document library and a robust platform for building intranets, project management sites, and custom business applications. The integration with Power Automate (formerly known as Flow) allows you to automate repetitive tasks and workflows, significantly reducing the manual workload and enhancing productivity.  

Streamlined Project Management with Planner and To Do  

Project management tools are crucial for maintaining efficiency and meeting deadlines. Microsoft 365 Business Premium includes Planner and Microsoft To Do, both powerful tools for organizing tasks and projects.  

Microsoft Planner enables teams to create plans, organise and assign tasks, set deadlines, and track progress visually through Kanban boards. This tool is handy for collaborative projects, providing transparency and accountability among team members.  

On the other hand, Microsoft To-Do is a personal task management tool that integrates seamlessly with Outlook. It helps individuals manage their workday by creating and prioritising tasks, setting reminders, and even breaking down larger tasks into manageable steps. By utilising these tools, businesses can ensure that team and individual tasks are aligned and efficiently managed.  

Enhanced Business Insights with Power BI 

Data-driven decision-making is essential in today’s competitive business landscape. Microsoft 365 Business Premium includes Power BI, a powerful business analytics tool that transforms data into insightful visualisations and interactive reports.  

Power BI allows you to connect to multiple data sources, from Excel spreadsheets to cloud-based databases, and create real-time dashboards that provide a holistic view of your business performance. With its intuitive interface, you can generate reports that highlight key metrics and trends, enabling you to make informed decisions quickly. By leveraging Power BI, businesses can uncover hidden insights and identify opportunities for growth and improvement.  

Comprehensive Device Management with Intune  

Managing multiple devices across your organisation can be challenging, especially with the rise of remote work. Microsoft Intune, included in Microsoft 365 Business Premium, offers a comprehensive mobile device and application management solution.  

Intune allows you to securely manage iOS, Android, and Windows devices, ensuring corporate data remains protected regardless of where it is accessed. You can enforce security policies, deploy applications, and remotely wipe data from lost or stolen devices. This level of control enhances security and simplifies the management of your organisation’s devices, reducing the burden on your IT team.  

Advanced Communication and Collaboration Tools  

While Teams is well-known for its chat and meeting capabilities, it also includes various features that enhance collaboration. Teams Channels allow you to create dedicated spaces for different projects or departments, fostering focused communication and collaboration. You can integrate various apps within these channels, such as Planner, SharePoint, and third-party tools, creating a centralised hub for all project-related activities.  

Moreover, Teams Live Events enables you to host webinars and large-scale virtual events with up to 10,000 attendees. This feature is ideal for conducting training sessions, product launches, and company-wide meetings, providing a platform for engaging and interactive communication.  

Business Process Automation with Power Automate  

Automating routine tasks can save time and reduce errors. Power Automate, part of Microsoft 365 Business Premium, allows you to create automated workflows between your favourite apps and services. Whether approving requests, syncing files, or collecting data, Power Automate streamlines your processes, freeing up time for more strategic activities.  

For example, you can set up a workflow to automatically save email attachments to OneDrive or to notify team members when a new lead is added to your CRM. By leveraging Power Automate, businesses can enhance operational efficiency and ensure process consistency. 

Microsoft 365 Business Premium is a powerful suite of tools designed to boost productivity, enhance security, and streamline business operations. While email and Teams are essential components, the suite offers many additional features that can drive significant value for your Business. By exploring and utilising these underused tools, you can unlock the full potential of your Microsoft 365 subscription, ensuring that your investment delivers maximum returns.  

Embrace the capabilities of advanced security features, intelligent cloud storage, streamlined project management, insightful business analytics, comprehensive device management, enhanced communication, and business process automation. By doing so, you will improve efficiency and productivity and gain a competitive edge in today’s fast-paced business environment.  

For more information and to find the way to make the most out of Microsoft 365 in for your business, contact Planet IT today. You can call 01235 433900 or email [email protected]. If you want to speak to me directly, you can contact me via DM or at [email protected].