Cybersecurity threats are only on an upward trajectory with more data available online for a varied number of reasons and the incidence of cases is only going to increase.
It's not even been days Nvidia, a multinational technology company was cyber-attacked, Samsung, a global giant got the blow. This proves not even big companies, which in general have data- protection strategies in place, are safe. This brings us to an important question: Are our technological solutions so vulnerable or the people at the helm of things throw caution to the wind? Cyber technology evolves with time and it is stakeholders who facilitate it by raising the red flags for every perceived and existing cybersecurity threat. A company can take n-number of security measures but the n+1th incidence can prove to be disastrous. Top executives of a company carry the prime responsibility to protect their companies from such disasters and unfortunately not many are adequately prepared. According to a report, while 94% CXO's believe that cyber threats are imminent, 64% are confident of their cyber security risk mitigation plans out of which only 17% have well placed systems. This indicates a degree of leniency or helplessness from part of business leaders towards securing their businesses. This idea comes from the fact that most of the attacks happen to well secured systems. Therefore it is time to convert the knowledge into meaningful actions.
Cyberattacks cause losses in billions across the globe. It is estimated that cybercrime costs might go up to US$10.5 trillion from the current US$6 trillion, according to Cybersecurity Ventures. Given the gravity of the problem, investing in cybersecurity is not an option anymore. Company CEOs can take proactive steps in ensuring that every device used in the premises is secured, especially in an environment where an increasing number of mobiles are in use. Given the uncertainty over the type of threat a company can face, determining where to direct the funds becomes quite nebulous. Well, here is where the company head has to take the call.
As chief executive officers come from a diverse spectrum of expertise, many do not have even the basic idea of what it is like to face or rather prevent a cyber-attack, particularly in cases where the attacks are subtle and visibly harmless. They only realise in later stages after incurring heavy losses. Therefore, it is imperative to educate and train oneself to identify threats like spear-phishing, whaling, and other advanced persistent threats.
Organisations should have a crystal-clear policy charted out which ensures compliance on the part of leaders and employees as well. Policies that include purpose, scope, and procedures give clarity as to what should be the plan of action in case of a cyber-attack. They lend credibility to companies in terms of gaining back the trust of customers. For e.g. when a bank loses its customer's loyalty because of cybercrime, the company's policy to reimburse their clients in part or full can restore their trust.
Cyberthreats are not isolated incidents that just affect the finances or reputation of the organisation. The company as a whole comes under stress in terms of output and efficiency. It is important for C-suit leaders to build a sense of mutual trust by indulging in engaging conversations with CISO's and CIO's and most importantly discussing security issues so that they can have a bird-eye view of the security scenario. A study by Trend Micro Research says there is a huge communication gap between business and IT leaders which is alarming in view of increasing cyberthreats.
The most applied approach in cybersecurity is defense in depth. A good cyber security strategy should have an all-encompassing approach that includes preventive measures not just in the technology layer but at the organizational level also. While mechanisms such as identity and access management tools, encryption, installing multiple firewalls, implementing penetration testing are few technical fixes possible, at the organisational level, a suite leader should be aware of where sensitive data is stored and who has access to it. One needs to think like a hacker to prevent a hacking incident.
Csuite leaders should actively implement AI solutions in their cybersecurity game plan, for AI in Cyber security has numerous advantages than perceived. AI devices after observing the behavioural pattern of employees would be able to detect unusual behaviour. They are kind of act as first as well as a second line of responders. Like in any other domain, AI should be used with caution lest it can result in false accusations and loss of goodwill for the company.
PII or personally identifiable information is something Csuite leaders should keep guard on. Social media is fertile ground for cyber intrusions. Though a CEO's need to network is understandable, one should vary of cyberpunks prowling in the social media space. And also, as in the future according to Gartner's report, at least 50% of Csuite executives will have performance requirements related to cybersecurity built into their employment contracts by 2026, being a wee bit cautious while sharing personal information is suggested. Hire a good CYBER security TEAM
With ever new technologies swamping the workspace, and more and more data being uploaded to the cloud, having a cybersecurity team seems to be an absolute necessity.
The future is about life around connected devices. Therefore, assuming that more devices cars, wallets, lighting systems, etc, would be vulnerable to cyber intrusion, having a dedicated team would be more than justifiable. According to an IBM, it takes a company 197 days to discover a breach and up to 69 days to contain it. Companies that contained a breach in less than 30 days could save more than US$ 1 million. Responding quickly to breaches is possible only when the company has a competent cybersecurity team.
Cybercrime knows no boundaries, and that is true. However, when it comes to cyber security development, companies should consider country-specific patterns. For example, in Eastern Europe, there are minimal financial consequences for businesses whereas, American companies are most vulnerable to both financial and reputational damages. When digital trade happens across the borders, navigating through vulnerabilities to mitigate chances of facing bans needs to be part of all MNC companies' digitalization strategy.
Last but not least, building a cybersecurity culture is of utmost importance. According to a report, 43% of cyber-attacks begin with social engineering attacks. Employees should make it a part of work culture to refrain from unsafe practices such as opening e-mail attachments from unknown sources, giving access to their personal information to strangers, etc. Csuit leaders should think of security first design instead of making it an appendage. Having security ingrained in the systems delivers deeper security and a more sustainable solution.
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