CTO AT CERTES NETWORKS

Simon Pamplin , CTO at Certes Networks , discusses why data security needs to be at the top of the C-suite ’ s agenda , the importance from a network and data security perspective and the repercussions of a data breach to the C-suite and the personal ramifications should a breach occur .

The sheer volume of data being generated and stored by businesses has increased exponentially over the past decade , leading to increased risks and vulnerabilities associated with data breaches . According to IBM , the average cost of a data breach in 2020 hit a whopping US $ 3.86 million . This not only impacts a company ’ s finances but also its reputation and customer trust and can even breach regulatory compliance , resulting in companies seeking efficient and reliable data security to protect their assets and maintain their operations .

What are the core responsibilities of the C-suite ?

The C-suite ’ s responsibility sits further than just overseeing the management and operations of a company , from financial performance to strategic planning and risk management .

According to the National Association of Corporate Directors , the core responsibilities of the C-suite can be summarised into the following areas :

• Strategy : Developing and approving the company ’ s overall strategic direction and ensuring that it aligns with the company ’ s values and objectives .

• Financial performance : Overseeing the company ’ s financial performance , ensuring that it meets its financial goals and objectives , and maintaining accurate financial records .

• Risk management : Identifying and assessing the risks associated with the company ’ s operations and developing strategies to mitigate those risks .

• Corporate governance : Ensuring that the company adheres to ethical and legal standards , including compliance with regulatory requirements and the protection of shareholder interests .

But how does the management and security of data fall into these responsibilities and why ?

Why does data security sit at C-suite level ?

A data breach can result in financial losses , damage to the company ’ s reputation and even legal action , all of which can negatively affect the board ’ s ability to fulfil its responsibilities .

Theft of customer data can have serious consequences not only for the business as a whole but for the individuals responsible for the business . In most recent cases CEOs have received suspended prison sentences and lost their jobs – highlighting just how important data protection is at the board level .

So just how is a C-suite ’ s responsibility affected when a data breach occurs :

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