January 19, 2016

CEO: The next security hero

Markus Melin

Head of Tieto Security Services, Tieto

When security is out of sight, is it also out of mind? Let's be honest. If business leaders don’t have a real-time view to their digital assets, isn't there a great danger that they just hope their business is secure? But they don't really know.

It has become very clear that not knowing isn't an option anymore. Ignorance does not get any CEO off the liability hook. Growing number of serious security breaches in well-protected and reputable global enterprises are defining a completely new era of how security should be thought of and lead by business owners.

Failing to address security as the highest business priority costs money and customers in short term, but even more damaging can be long term massive hits to reputation, as demonstrated by JPMorgan Chase or Sony.

Money talks but losing trust hurts so bad

Any organization failing in security is not failing in technology but in business continuity. A dramatic security breach can wipe out digital business assets. In many business areas, financial sector in the frontline, main assets are digital. Serious cyber attacks have the unforeseen power to hurt the entire business by striking at trust and pulling reputation and ability to do business down the drain.

Due to recovery costs, fines and sanctions, and damages to reputation, it may get really expensive. According to 2015 estimates from Verizon, the exposure of just 1 000 records will cost an organization up to $87 000 (€80 000). For 10 million records, this rises to $5.2 million – and for 100 million records, the figure can reach $15.6 million.

Imagine someone robbing a bank’s vault full of customers’ private and truly personal treasures, whatever they might be: grandmother’s love letters, jewelry that survived Titanic, real-estate ownership papers. The feeling is devastating. No money can compensate the hurt and hardship.

Even if the idea of people losing their treasures doesn’t get you crying, the sanctions will bring tears to any CEO’s eyes. New EU privacy legislation imposes extremely high sanctions for not securing customers' privacy; sanctions as high as 4 per cent of annual worldwide turnover. Wise CEO invests pre-emptively to secure his or her back and get a good night’s sleep - after all, no CEO wants to be the first one to sign the cheque.

Serious security with a fresh approach

We have listened to our customers’ pains in enterprises and public sector organisations. It has become clear that businesses need and want to put technology behind, ditch acronyms, forget complexity and lose hopeful thinking. Security needs to be lead in a radically new way.

Therefore, we decided to approach security with a completely revamped mindset: visibility, simplicity and protection. We are launching Tieto Security Services as the third internal start-up of Tieto. Our modus operandi is agility in people, processes and the way we approach security as business service.

Our offering is supported by a global ecosystem of top-notch, innovative partners to provide the best technologies and solutions that form the backbone of our Managed Security Services.

As said, security is not a technology issue, but a business one. We are committed to deliver comprehensive Managed Security Services that will give our clients competitive advantage. I invite you to read from our white paper how we will make the CEO the next security hero by making security status transparent with Tieto Security Insight.

Download Tieto Security Services whitepaper here!


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