As a CEO or a leader in your business, you are a key component in protecting your company’s network. Business leaders are the ones that motivate their organization to makes changes and produce results. Therefore, an organization’s security starts with the most influential people in the business. Yes, you, the CEO, and the leadership teams. In this post, we will be covering what the business leader’s role in cybersecurity is and four things related to cybersecurity that business leaders should ensure the business has.
Why should cybersecurity be important to a business leader?
Looking at the cost of cyberattacks alone should be enough for a business leader to realize just how important proper security measures are. The average cost of a data breach is $3.86 million, according to the 2018 Cost of Data Breach Study by Ponemon. A report by Cybersecurity Ventures predicts the damage costs of ransomware will rise to $20 billion this year and a business will fall victim to a ransomware attack every 11 seconds, which is up from 40 seconds in 2016. Aside from the costs, cybersecurity threats can have a reputational impact which can lead to losing consumer trust and loss of current customers to competitors.
What role does a business leader have in cybersecurity?
It is the responsibility of the CEO and leadership team to protect the business and its data by identifying threats, understanding the impact of these threats, and taking appropriate action to protect the business against these threats. As cybercrimes become more prevalent, the security of a network needs more than just a firewall and antivirus to protect it. It requires the attention of business leaders. CEOs and business leaders are in a position that can influence others; therefore it is they that must ensure specific things are in place. Below are four things business leaders should ensure the business has to protect against cyber threats.
4 Things CEO’s & business leaders should ensure their business has:
1. The business has the appropriate level of protection against predicted threats.
The business leader needs to work with their team of IT professionals to ensure the business has the right level of protection against threats, whether that is an internal team, a Managed Services Provider, or a hybrid team. A CEO should seek to understand the business’s current threats and their impact on the business and decide if the business needs more or less protection.
2. The business has the appropriate insurance.
It is the role of a business leader to ensure that the business has appropriate insurance in place. When finding the policy that is right for your business, the factors that impact the policy limit would be the industry you serve, your reliance on IT, the size of your workforce, and the type of data you store. A simple liability insurance policy excludes claims like theft of funds, ransomware, or cyber extortion. Therefore, it is important to have a comprehensive, stand-alone, cyber policy.
3. The business performs cybersecurity education and training.
One of the best ways to protect the business’s network is by educating your workforce on today’s cyber threats, such as phishing and ransomware attacks like CEO Fraud. It is important for users to know how to recognize when they are being attacked. It is the leaders of the business who can implement cybersecurity education and training.
4. The business has a response plan to a security threat.
An incident response plan ensures that your organization is prepared to respond to and recover from a cyberattack. An effective plan limits disruption to internal services, clients, and partners, and reduces data loss and reputational damage. As the business leader, you should ensure that your business has a response plan and understands the role each individual plays in the plan.
Since the leaders of a business are so influential, it is important for the CEOs and the leadership team to set a good example for the rest of the company when it comes to protecting the business’s critical data. Business leaders need to ensure the organization is protected by having the appropriate level of protection, the right insurance, cybersecurity education and has a complete incident response plan to security threats. When business leaders ensure these things exist for the company, they make a big impact on the cybersecurity of the organization and business continuity. As people witness the leaders of the business taking proactive and preventative measures against cyber threats, others are sure to follow.
Are you a business leader that is looking to feel confident in the role you play with your business’s cybersecurity?
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