When I think of cybersecurity, I am reminded of a weaver, stitching together some fine tapestry on a spinning loom. Our digital world is like the tapestry with an invisible thread. Alas, that thread can be pulled apart instantly-without any warning, and as many times as one wants. Only to be painstakingly woven back again.
The irony is that-in our world, we leave this thread for the villains to exploit. Don't we know that when an attacker pulls this thread it might need much more than a simple darning needle to put our digital fabric back in shape again?
Whether we like it or not, cybersecurity is a fundamental component of everything we do in today's interconnected computer-based digital world. It is the thread that keeps the Internet connected world from collapsing into chaos. Indeed, cybersecurity is a necessary component of a nation's economic, national, and political security. Cybersecurity is also fundamental to social media. Technological advances, such as Artificial Intelligence, blockchain, and data analytics also depend on secure computer-based networks. Unfortunately, modern interconnected computer-based networks were not developed with cybersecurity in mind. Consequently, organizations in both the public and private sectors of an economy need to address the following critical question: What is the best way to manage cybersecurity risk?
Answering the above question ultimately requires an organization to derive the appropriate amount to invest in cybersecurity-related activities, as well as determining the best way to allocate cyber-related spending. Since 100% security is unrealistic, especially from an economics perspective, answering the above question also requires a strategy for responding to cyber breaches, including ransomware attacks.
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