Companies are moving to a risk-based cybersecurity stance. The approach recognises that not all assets are created equal, nor can they be equally protected in today’s all-encompassing digital environment. Some assets are extraordinary—of critical importance to a company and its business. The digital business model is, in fact, entirely dependent on trust. If a company’s customer interface is not secure, the risk can become existential. Safeguarding such assets is the heart of an effective strategy to protect against cyberthreats.

The COVID-19 pandemic offers valuable lessons on risk and resilience. The pandemic revealed fault lines within many organisations, and degrees of systemic risk that few organisations previously considered. A lack of business continuity planning, the breakdown of supply chains, and overall stresses on business operations have brought to the forefront the need to reimagine approaches to managing enterprise risk.

As well as the need to prepare for the physical impacts of climate change, Boards must help their organisations adapt to the requirements of new national and international laws and regulations that will embed sustainability in products and services.

If there is one positive to be had from Covid, it is that Airmic members now consider their organisations to be more agile and adaptable than they were before. This is important as planning and executing in uncertainty is no longer the exception, and operating flexible and adaptable business models is critical to success.