Cybersecurity: A Boardroom Priority, Not an IT Issue

Estimated reading time: 4 minutes

Let’s start with an uncomfortable truth: cyber threats aren’t just a “tech problem.” They’re a business risk—one that deserves the same boardroom attention as financial, reputational, or operational risks. Yet, too often, small and medium businesses assume cybersecurity is an IT responsibility they cannot address. However, this approach leaves critical risks unaddressed. This mindset leaves critical risks unaddressed. It’s time to change that narrative.

If you’re sitting on a board and think this doesn’t apply to you, think again. Cyber attacks are more than a technical inconvenience—they’re serious threats that can disrupt businesses, harm reputations, and drive customers away. From ransomware attacks paralysing operations to data breaches sparking regulatory fines, the risks are everywhere.

The Stakes Are High—And Rising

The statistics show a troubling trend for UK businesses. Furthermore, these reports highlight clear financial and reputational risks. The UK Government’s Cyber Security Breaches Survey 2024 presents new findings. Over 39% of UK businesses reported a cyber attack last year. The average cost of a breach for UK firms exceeded £19,000. These figures only hint at the reputational damage, downtime, customer loss, and legal consequences that follow.

This reflects the reality of modern business. As a result, cyber threats demand immediate and strategic attention. Cybersecurity should be treated as a critical business risk, alongside supply chain interruptions, compliance obligations, and economic uncertainty. The question isn’t “if” but “when” an attack will happen.

Cyber Risk Management: A Boardroom Mandate

Cybersecurity as a business risk needs leadership from the top. Owners and leaders of small businesses must take charge, using a proactive and practical approach to security. This means:

  • Regularly reviewing cyber risks as part of broader risk management processes.
  • Assigning accountability for cybersecurity at the board level is crucial. One way is appointing a non-executive director with cybersecurity skills. Alternatively, you can make use of Equate Group’s vCIO / vCISO service.
  • Demanding clear metrics from the IT and security teams to measure your organisation’s cyber resilience.

But it doesn’t end there. Managing cyber risk isn’t something you can do in isolation. Board-level decisions directly affect the security standards adopted by your suppliers. Your business is only as secure as its supply chain.

Collaboration with Your Supply Chain

Think of your supply chain as an extension of your organisation. Third-party suppliers often have access to sensitive data or systems, making them potential weak links. High-profile UK breaches show the impact of supply chain vulnerabilities on businesses. Examples include the 2023 Clarks cyber attack and the Carpet right ransomware incident. While Clarks managed to recover, Carpet right faced devastating operational disruption, highlighting worst-case outcomes when SMBs are unprepared. The attack on Clarks caused operational delays, highlighting the real risks SMBs face when external suppliers are compromised. Clarks’ attack highlighted the operational and reputational risks SMBs face when their supply chains are targeted.

What can boards do?

  • Mandate supplier certifications: Need vendors to meet recognised standards like Cyber Essentials or ISO 27001. These certifications offer assurance that critical security controls are in place and align with UK-specific standards.
  • Include cybersecurity in contracts: Clearly state that suppliers must keep a baseline level of security. They should report incidents promptly.
  • Audit and review suppliers: Treat your supply chain as part of your risk landscape. Periodically review supplier security practices to guarantee compliance.

Shifting the Culture

For SMBs, making cybersecurity a leadership priority requires a cultural shift and a hands-on approach. Boards must treat cybersecurity as a business enabler, not a cost centre. When customers see their data is secure and systems are reliable, their trust grows. As a result, this trust can set you apart from competitors.

Are your suppliers certified? Is your organisation protected? Equate Group can help you take control of your cybersecurity with our comprehensive services, including Cyber Essentials certification and beyond. With us, you’ll have the tools and guidance to secure your organisation and your supply chain.

Discover Cyber Essentials with Equate Group. Contact us today to learn how we can tailor a solution for your business.

Final Thoughts

Cybersecurity is no longer optional. It’s not just the responsibility of your IT team. It is not only up to your Chief Information Security Officer. It’s a strategic priority for your business.

The risks are real, but the solutions are within reach. Embed cybersecurity into your boardroom agenda. Foster collaboration with your supply chain. By doing so, you can mitigate threats and protect your organisations future.

In today’s world, the focus is not just on surviving the next attack. It’s also about thriving in a secure, resilient, and trusted way.

Citations

  1. UK Government Cyber Security Breaches Survey 2024
    Department for Digital, Culture, Media and Sport.
    Download the report.
  2. Cyber Essentials Scheme Overview
    National Cyber Security Centre (NCSC).
    Visit the Cyber Essentials page.
  3. Carpetright and Clarks Cyberattack Case Studies
    UK News Reports, 2023.
    Read the case studies.

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