Updated: Nov 5, 2020
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
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
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
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