The So What from BCG cover image

The So What from BCG

Catastrophic Cyber Risk and Crown Jewels

May 8, 2024
Paul O’Rourke, BCG’s global cybersecurity leader, discusses the importance of protecting organizations' 'crown jewels' in cybersecurity. Focus on critical digital assets, accept some risks as inevitable, and understand potential regulatory repercussions for breaches. Explore the evolving cyber threat landscape and the role of proactive strategies in mitigating risks.
20:43

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Quick takeaways

  • Focus on protecting 'crown jewels' to mitigate cyber risks.
  • Address human errors in cybersecurity strategies to prevent attacks.

Deep dives

Rethinking Cybersecurity Strategy

Cybercrime is projected to become the third largest economy by 2025, with an estimated annual damage of $10.5 trillion. Despite efforts to protect systems, hackers continue to breach defenses, leading to a need for a new cybersecurity mindset. Organizations are advised to identify critical assets, or crown jewels, and prioritize their protection to mitigate financial losses, reputational damage, and regulatory sanctions.

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