5 Things Every CEO Should Know About Cybersecurity
by Michael Gorman
In the past, many chief executive officers of companies and brands have received numerous reports and information requiring them to look into the risk of cyber security. However, many of the CEOs didn’t understand what it meant, how they should respond to the risks, and the implications that it has for their organization.
CEOs now need to have a clear understanding of what is happening. They need to understand the necessity for them to understand what cybersecurity is, the underlying risks it possesses and the best way to respond to it, to protect their organization. In the global business world environment of today, not just the CEO of an organization needs this knowledge but every member of the Board of Directors as well.
Without a proper understanding of cybersecurity, there is a possibility that the analyses of the risk would be flawed and the decisions that may be informed by the result of such analysis would definitely be wronged as well, putting the organization in a much bigger risk.
As far as cybersecurity is concerned, there are some prevalent areas that all CEOs need to pay attention to. This will help them to run the business more effectively. These threats are not mutually exclusive, and they can combine to cause greater threat.
The following are the area where the CEO needs to focus on;
The cyberspace is becoming a breeding ground for criminals, and terrorists with a motivation to cause disruption, get noticed, make money, or even try to bring down governments and corporations through various online attacks. Cybercriminals have over the years collaborated among themselves which have led to a larger degree of competency catching many organizations off-guard.
CEOs today now have to be prepared for different circumstances, so that are able to resiliently stand in the face of an unforeseen event with major impact.
The reason organization suffer online attacks with huge impact is due to many reasons. Some reasons are self-inflicting and some others are just beyond their power. Self-inflicting causes could be a lack of investment in the organization’s security department. Other factors include cybercrime, hacktivism, increased cost of compliance with regulatory requirement and an unchanging advancement in technology. All of these can combine to cause massive threat to the company. Organizations that will have more resilience against the unforeseen storm are those that understand the basis on which their business relies. They are usually the ones that invest more.
Avoid Damage to Your Reputation
The threat of cybersecurity to your organization has become more dangerous. The attackers are getting more organized, and the attacks are now more sophisticated, leaving you at the risk of potential damage to your organization’s reputation. Furthermore, the real targets for the activist and cybercriminal now is the trust dynamic between the partners, suppliers, and customers, alongside the reputation of the brand.
The complexity and speed of the threat landscape is changing very fast and many businesses are already being left behind until they are attacked and their reputation and finances have taken a big hit. This is why CEOs have to makes sure that they are well-equipped and fully prepared, so that they can effectively deal with these emerging challenges. Their organizations have to know how to respond to and deal with reputational attacks. The faster they respond to the attacks on their reputation, the better outcome is for them. Otherwise, it will leave you with nursing assignments in the wake of the attack.
Supply Chain Security
One key area where information security is usually lacking is the supply chain. Today’s global economy largely depends on the supply chain. Major disruptions to the supply chain is something that has become an increasing source of worry about many businesses.
The openness of the supply chain to many risk factors is something that should concern the CEO. The most vulnerable points in the supply chain should be the focus point for businesses now.
However, the sad reality of the complex global marketplace today is that you cannot predict or prevent every security compromise beforehand. Being proactive is important still, and the businesses with their suppliers, should be able to react intelligently and very quickly whenever something happens. In an extreme but possible case, the resilience and readiness of the company may determine the share price, financial health, business survival and even the company’s competitiveness.
Embedded Behavior and Employee Awareness
The development of human capital is something that organizations keep investing heavily in, and it’s safe to assume that many CEOs understand its value. The idea behind this is that training and awareness always delivers some value without the need to prove it, and employee satisfaction is one of those. But it no longer works that way.
CEOs today demand for a return on their investment on the projects that they choose to pursue, and training and awareness are not an exception. It is imperative that a business employee demonstrates and evaluates their value. Unfortunately, there is no way to introduce information security behavior change because of the demographics, achievement, previous experience and goals of different organizations vary widely. Each organization would require different types of dissertation service.
Although organizations already have compliance activities in place under ‘security awareness,’ the risks, and ways of reducing the risks with new behaviors are real commercial drivers. It is now time to move to tangible behaviors, and move away from awareness.
Staying Ahead of Cybersecurity Issues
Organizations are progressively operating more in a cyber-enabled world and the risks from cyberspace activities cannot be checked by traditional risk management steps. Risk management have to be extended to create a strong foundation of preparedness and risk resilience. Cyberattack is now an issue of when, not if. So, the threats have to be viewed from a position of risk profiling and business acceptability.
CEOs now need to take stock and take a lead to ensure that their organization is prepared and well-equipped to deal with the ever-emerging challenges of cyberspace security.
The scope of cybersecurity is ever evolving. Cyber attack is now viewed as a certainty, a matter of when not if. It’s therefore, important that CEOs are knowledgeable enough are able to take the right step to reduce the risks of cyberattack.
About the Author
Michael Gorman is a highly skilled and professional freelance writer and proofreader in the UK where he provides the best essay writing service UK. He also writes blog posts which he created to deliver assignment writing help. He’s interested in daily development and wants to discover new areas of human existence. You can find him on Facebook and Twitter.