How Fortune 500 Companies Can Deal with Cybersecurity Threats

The Threat Facing Companies Today

The internet era has brought much efficiency in the business world, but it has had its fair

share of problems; cyber-crime being among the major ones. The affects of cyber-attacks

are expected to be worth $6 trillion by the year 2021. Unfortunately, there isn’t any

company that’s immune to cyber-attacks, even those that have stringent measures in place.

Yahoo, Sony, Imgur, Target and Facebook are among the most prominent global companies

that have suffered significant losses as a result of the issue.

A 2017 report by OWL cybersecurity shows that each of the Fortune 500 companies has

some exposure on the dark web, an area on the internet where crooks exchange illegally

acquired data. The data mostly result from hacks and breaches. Unfortunately, it is very

difficult to trace the perpetrators or establish how the data was stolen because the relevant

information is rarely available. Cyber insecurity is really a serious problem that has been

giving company leaders and owners sleepless nights.

Steps To Take....

Regular training

Investing in cybersecurity tools and policies and training employees on good cyber security

practices should be ongoing to foster a culture of good security practices within your

organization.

About 90% of cyber threats result from human error, most of which are attributed to lack

of awareness. Therefore, as a leader in an organization or company, it is important for you

and your subordinates to know your online activities that influence the cybersecurity risk

level of your company and have preventive measures in place to save your company from

inevitable financial loss.

Board members and CEOs should take the driver’s seat

It’s no longer a choice for top company leaderships to be on the forefront of cybersecurity

management. It is an absolute must, otherwise, failure to do will result in seeing once

powerful companies being brought to their knees by malicious cyber attacks. Do not be

one of them. Board members and CEOs need to be fully aware with the preventive

procedures to put into place to address the problem and take the driver’s seat as far as

their compliance is concerned. Gone are the days when cybersecurity management was left

to the IT departments to handle alone.

In case of a security breach, it is the responsibility of the CEO to try as much as they can to

see that shareholders, customers, and employees don’t go into panic mode. As such, the

leaders should be able to explain about the next course of action in a calm, honest and

informed manner to maintain the shareholder’s trust. Therefore, it’s crucial for top

company leaders to be sufficiently informed about cybersecurity management practices

and procedures within their companies.

A cybersecurity expert comes in handy

One of the serious tragedies a company can have is having rigid leadership that feels

adequate even when it’s biting more than it can chew. You as a CEO or manager can’t

concentrate fully on cybersecurity management because you have other responsibilities to

attend to. Your IT department might also be so overwhelmed by other stuff that they can’t

give the issue the attention it deserves. As such, it’s important to hire a consultant that

deals specifically with cybersecurity. With an expert, it’ll be easier for company leadership

to develop and establish more effective risk management plans.

Everybody in an organization has a responsibility regarding cybersecurity management.

Minimize your risk by exercising these necessary steps for effectively handling

cybersecurity issues.

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