Three key steps for CFOs in the AI era
CFOs in the AI era: design data-models and workflows that maximize value, redefine productivity, and establish transparent AI governance....
by Öykü Işık Published January 30, 2025 in Brain Circuits • 3 min read
The British Library is the national library of the United Kingdom and one of the world’s largest libraries. In October 2023 it was the victim of a major ransomware attack that severely disrupted its operations and compromised sensitive data. Its historically complex and diverse technology infrastructure likely contributed to the attack’s impact. The organization adopted a strategy of full transparency and produced a detailed report into the causes and nature of the attack and initial recovery. Its experience offers key lessons for all organizations about cybersecurity vulnerabilities and crisis management.
To ensure full coverage across legacy and modern infrastructure.
To enable rapid incident response.
This should include all external access points.
An effective cybersecurity strategy requires continued vigilance and adaptability.
To limit potential damage from breaches.
To prepare for total system outages.
At senior management and supervisory board levels (also vital from a compliance and governance perspective).
To recognize that it’s not always possible to understand or “fix” the root cause of a breach.
Any attack will likely have a damaging impact, but the extent will depend on your level of preparedness.
To identify your ability to fulfill the main business functions across multiple areas.
The British Library’s ransomware attack and its crisis response highlight the importance of continual investment to keep infrastructure and applications current.
Professor of Digital Strategy and Cybersecurity at IMD
Öykü Işık is Professor of Digital Strategy and Cybersecurity at IMD, where she leads the Cybersecurity Risk and Strategy program and co-directs the Generative AI for Business Sprint. She is an expert on digital resilience and the ways in which disruptive technologies challenge our society and organizations. Named on the Thinkers50 Radar 2022 list of up-and-coming global thought leaders, she helps businesses to tackle cybersecurity, data privacy, and digital ethics challenges, and enables CEOs and other executives to understand these issues.
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