Cyber Risk is a business issue

Cyber risk is often not being treated as a business issue: Several businesses continue to view, and thus treat, cyber risk as an IT issue. Yet, cyber breaches result in business consequences. The average cost of a data breach continues to increase year on year. In 2021, this worked out to 4.24 million U.S. dollars. As long as cyber risk mitigation is treated as an IT issue, it remains a challenge. Cyber risk has to be understood as a business criticality at the asset level.