Blackpanda is committed to empowering women in the tech industry and promoting inclusivity. As part of this initiative, Blackpanda has launched a series of articles, podcasts, and events showcasing powerful and impactful women in the cybersecurity industry.

Larabella Myers, Senior Cyber Security Analyst at Blackpanda and champion of this initiative, interviewed Rika Nakazawa, Group Vice President within NTT’s New Ventures & Innovation team, as well as senior leader, technologist, best-selling author, and frequent public speaker on technology-powered business transformation.The discussion focused around the intersection of sustainability and cybersecurity, and the importance of measuring and managing risk to overcome the two most pressing challenges of the current time.

The Importance of Risk Management in Cyber Security and Sustainability

During the interview, Rika stressed the importance of risk management in both cyber security and sustainability. She pointed out that both fields have risk management at their core and deal with preventing and responding to incidents that could cause significant harm. While sustainability efforts can help companies manage risks, cyber security risks are also a major concern for critical infrastructure.

Building Resilience and Antifragility

With the increasing digitalization of critical infrastructure systems, vulnerabilities and risks have multiplied.

Rika said that building resilience and antifragility in both cyber security and sustainability practices is essential to help communities recover from incidents and build better systems for the future. The convergence of these two fields offers an opportunity to address both cyber security and sustainability challenges and develop comprehensive solutions that are stronger and more sustainable.

The Importance of Taking a Risk Management Approach

Rika emphasised that both cyber security breaches and sustainability risks can have significant economic impacts on a company, whether through immediate death or a slow decline over time. To mitigate these risks, Rika stressed the importance of taking a risk-focused approach to both cyber security and sustainability. She also highlighted that standardisation of frameworks is essential and will require collaboration from key players in the ecosystem.

Strategic Partnerships for Risk Management

Following this, Rika emphasised the importance of providing tailored support and risk management solutions for SMBs, which are the heartbeat of many countries' economies.

Cyber insurance is an essential part of risk management in cyber security, and it is critical for insurers to be a strategic partner rather than just taking on the risk of a cyber breach, providing tailored services for their clients to mitigate cyber risks effectively. For organisations that do not qualify for cyber insurance, taking a proactive approach to cyber incident response is the only way to survival in this day and age. This can be done by having a clear cyber security plan and pre-engaging a specialist incident response team.

Similarly, climate catastrophes are likely to affect companies in the near future, and the same risk management approach should be taken to evaluate actions, run cost-benefit analyses, and limit damages to the organisation and the environment. Rika highlighted that it is essential to develop tailored policies for each sector, but we should look at the climate emergency and cyber security as two major threats of the upcoming years, that companies must manage in tandem to preserve their viability.

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Conclusion

Rika's expertise in these fields underscores the need for organisations to assess their vulnerabilities, identify potential threats, and develop strategies to mitigate those risks.

Rika stressed that the convergence of cyber security and sustainability offers an opportunity to address both challenges and develop comprehensive solutions that are stronger and more sustainable.

Particularly, we should focus on taking a risk management approach in both cyber security and promoting sustainability in the climate crisis that we are facing. Businesses will have to take proactive measures to prevent and respond to climatic and cyber incidents that could cause them significant harm, as well as strive to improve the world we live in through ESG and concrete measures. She also emphasised the importance of providing tailored support and risk management solutions for SMEs, which are the heartbeat of many countries' economies. Cyber insurance policies that provide financial coverage in case of a cyber incident are essential parts of risk management.

We should look at the climate emergency and cyber security as two major threats of the upcoming years that companies must manage in tandem to preserve their viability. By building resilience and antifragility in both cybersecurity and sustainability practices, organisations can help communities recover from incidents and build better systems for the future.