Over the years, cybersecurity challenges have become more complex and more frequent. But at the same time, the threat they pose to an organization’s business income has grown immense.
This is even more true in these times when the world is trying to recover from the pandemic. Cyber attackers try to fully exploit this opportunity presented by the uncertainty of the future that businesses face today.
Monetary losses due to cyber attacks in figures
Almost all cyber attacks result in financial loss for a business. Whether it is money spent to pay a ransom in case of ransomware attack, money spent to recover data lost in a leak or money lost due to direct cyber frauds like BEC attacks, a cyber attack always results in monetary loss.
Below are mentioned some figures for global monetary losses due to cyber attacks:
- The FBI Internet Crime Complaints Center (IC3) reported adjusted losses of more than $ 1.8 billion in 2020 due to BEC attacks.
- The cost of recovering from the impact of a ransomware attack in India has tripled over the past year, from $ 1.1 million in 2020 to $ 3.38 million in 2021.
- According to a study by IBM, the average cost of a data breach increased by $ 137,000 due to the transformation to remote work.
- According to an article by GlobeNewswire, cyber attacks cost the UAE around $ 1.4 billion per year.
However, these are just a few of the many statistics that illustrate the havoc a cyber attack can wreak on business operations.
As cyber attacks directly attack the business, involvement of the CEO in the organization’s cybersecurity strategy and measures becomes a necessity.
In the next section, we’ll take a look at some starting points for how a CEO can participate in shaping the organization’s cyber policy.
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How can CEOs contribute to corporate cybersecurity?
For starters, it’s worth clarifying that CEOs don’t need to hone the art of cybersecurity. But some of the following can help them see how their organization is moving forward on this front:
- Learning the basics: For a CEO, it is not important to know everything about the subject in detail. However, basic things like concepts, different forms of cyber attacks, and a basic idea about protective measures are things that a CEO should know. This can be very fruitful for the eHealth of the organization as a whole.
- In collaboration with the information security team: A CEO must ensure that everyone in the organization is aware of cyber, in their effort to minimize losses resulting from cyber attacks from human error. For this, the CEO must work closely with the information security team to ensure that modern interactive techniques are used to generate cybersecurity awareness in the organization.
- Make cybersecurity a board-level discussion: Cyber security shouldn’t be something that should be limited to only the IT professionals in an organization. Cybersecurity and its various aspects, including the consequences of failure, should be discussed at a broader and higher level.
- Progress monitoring: It is imperative for CEOs that they follow the activity of the different teams working in their organization. The rules shouldn’t change for the cybersecurity team. The CEO doesn’t need to know every choice his organization’s security team makes, but needs to know how he manages his cybersecurity policy and game plan. Giving inputs and suggestions whenever necessary from a cybersecurity business perspective can be very helpful in taking cybersecurity status up a notch for the organization.
Investing in cybersecurity will help minimize losses from cyber attacks. It’s a basic rule that every CEO should follow. There is no other way around it.
CEOs need to motivate their security team and other employees to find innovative ways to raise the bar. cybersecurity awareness in the organization.
Other basic necessities like configuration for detect and respond to phishing attacks should also be something the CEO should know.
The evolution of cyber threats into a new monster requires vigilance and awareness at all levels of the organizational setup. From CEO to office worker, malicious actors only need one opening in a system to block organizational functions. The CEO must take the lead to improve the overall cyber resilience of the organization.
As cyber attacks have become more complex and cyber attackers have become more ambitious, cybersecurity has become a critical issue for the proper functioning of organizations. The choices made by the CEO affect the overall well-being of the organization.
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The publication To my fellow CEOs: Cyber security is your business too! first appeared on Kratikal Blogs.
*** This is a syndicated Security Bloggers Network blog from Kratikal Blogs written by Pavan Kushwaha. Read the original post at: https://www.kratikal.com/blog/to-my-fellow-ceos-cyber-security-is-your-business-too/