Balancing Technical Skills and Business Acumen: Keys to Success in Cybersecurity Roles

How quickly is the cybercrime threat growing? According to the World Economic Forum, cyberattacks will inflict almost $24 trillion worldwide in damage in 2027. That figure is nearly triple the $8.4 trillion cybercrime cost companies, institutions and individuals in 2022.

Cyber threats are real, and they are increasing in frequency and impact. To remain resilient, businesses need cybersecurity-savvy leaders who understand organizational security measures and can communicate their expertise to stakeholders. 

Business cybersecurity leaders need technical expertise and business acumen to succeed and make a difference in organizations. This article discusses the skills and knowledge required to thrive in the business cybersecurity arena across various business and cybersecurity leadership roles and explores how an online Master of Science in Business Cybersecurity can enhance one’s profile.

Understanding the Role of Cybersecurity Leaders in 2024

The International Monetary Fund cautions that extreme cyber-related losses could precipitate serious business funding issues or insolvency. PwC’s 2024 Global Digital Trust Insights survey found that the proportion of businesses experiencing a data breach costing more than $1 million has increased significantly over the past year—from 27% in 2023 to 36% in 2024. 

Cybersecurity expertise positions you to pursue various leadership roles, including chief information security officer, cybersecurity manager, and information security analyst. However, more than technological mastery is needed to manage cybersecurity operations successfully. According to the World Economic Forum, cyber resilience correlates with CEO engagement. As cybersecurity and business strategy become increasingly intertwined, all business leaders (in technical and non-technical roles) must have the expertise to bridge the gap between technical knowledge and business objectives. A degree in business cybersecurity provides the skills to do just that.

Speaking the Language: Technical Skills Cyber and Business Leaders Need 

Business leaders and cybersecurity professionals need to understand the following critical functions:  

• Network security: Understanding network protocols, architectures and best practices to secure organizational networks from unauthorized access and data breaches
• Threat intelligence analysis: Collecting, analyzing and interpreting threat intelligence data to identify and respond proactively to potential cyber threats and attacks
• Incident response: Developing and implementing incident response plans and procedures to manage and mitigate the impact of security incidents effectively
• Security tools and technologies: Using security tools such as firewalls, intrusion detection/prevention systems, SIEMs and endpoint protection solutions to defend organizations against cyber threats
• Emerging technologies: Recognizing the security implications and challenges of adopting new technologies and proactively implementing appropriate security measures
• Regulatory compliance: Ensuring organizational compliance with relevant laws, regulations and industry standards, like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA)

The University of Tennessee (UT) online Master of Science in Business Cybersecurity (MSBC) program helps students develop these critical skills. The program also provides a forum for business and cyber professionals to examine the technology innovations disrupting and transforming the field of business cybersecurity and discuss how to mitigate potential future challenges. 

Building Business Acumen: Manage Effective Cyber Operations

Implementing cybersecurity projects requires collaboration; they must integrate into a company’s overarching business strategy to have an impact. That’s why cybersecurity leaders must possess business acumen—the ability to understand and interpret business situations, make sound judgments and effectively navigate decisions that contribute to an organization’s success and profitability—alongside technical skills.

Essential business skills that cybersecurity leaders need include: 

• Risk management: Identifying, assessing and prioritizing potential risks to an organization’s information assets and systems and implementing strategies to mitigate or minimize those risks
• Strategic Planning: Ensuring cybersecurity plans reflect wider strategic business and IT objectives; reviewing and re-calibrating cybersecurity programs for long-term strategic focus
• Communication: Conveying complex technical information, security concerns and strategies to various stakeholders within and outside the organization, fostering understanding and cooperation in addressing cybersecurity challenges

The UT online MSBC curriculum invokes the strategic business framework you’ll find in a traditional business master’s degree program, taught through the lens of cybersecurity. Online MSBC students gain the core competencies they need to lead cybersecurity initiatives and effectively communicate and collaborate with non-technical stakeholders. 

Guiding Cyber Operations: Leadership and Decision-Making Skills 

In addition to technical knowledge and business acumen, business cybersecurity leaders must have the following leadership skills to implement cybersecurity projects effectively: 

• Strategic thinking: Setting a clear vision and aligning security initiatives with the organization’s objectives
• Problem-solving: Leveraging technical expertise and analytical skills to develop creative solutions for complex cybersecurity challenges
• Decision-making: Making informed decisions promptly in response to evolving cyber threats and incidents, weighing risks and benefits while considering the broader impact on the organization
• Ethics: Upholding ethical standards and promoting integrity in cybersecurity practices, prioritizing privacy, confidentiality and data protection
• Resilience: Remaining resilient in the face of cyber incidents and setbacks, maintaining composure and leading effective responses to mitigate damages and restore normal operations

The UT MSBC program teaches students leadership skills alongside business management and technical expertise. A capstone project bolsters those skills by requiring students to assess, analyze, and solve cybersecurity problems and present their results and solutions as aspiring cybersecurity managers.

Business Cybersecurity: Where Technical and Management Skills Meet 

Recent costly attacks on companies like Roku and AT&T demonstrate the significant business implications of cybersecurity threats. These incidents underscore the importance of aligning cybersecurity initiatives with organizational goals and priorities.  

To effectively integrate technical expertise with business objectives, cybersecurity and business professionals can adopt key strategies:

1. Understand business goals: Gain a deep understanding of the organization’s objectives, strategies and priorities to align cybersecurity efforts effectively
2. Improve communication: Establish clear and effective communication channels among teams to ensure mutual understanding and collaboration
3. Align initiatives with business goals: Ensure that all cybersecurity initiatives, policies and strategies align with the organization’s broader business objectives
4. Prioritize risk management: Implement robust risk management strategies that prioritize critical business functions and assets, considering potential cyber threats and their impact
5. Foster cybersecurity culture: Promote a culture of cybersecurity awareness and responsibility across the organization, encouraging all employees to prioritize security in their daily activities

Enhance Your Business Background and Cybersecurity Skills at UT 

UT’s online MSBC program can instill the technical and business skills needed to succeed in an ever-changing environment—whether you’re a seasoned cybersecurity professional or an aspiring business leader interested in developing a technical base. The program, delivered 100% online, allows students to study at their own pace and earn their degrees in two to six years, making it ideal for working professionals. 

Contact an enrollment advisor today if you want to learn more about the UT online MSBC program. If you’re ready to take the next step, start your application.