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Cyberattacks are happening more frequently and with increasing sophistication. In order to counteract this threat, c-suite executives must prepare themselves with a cyber threat-based approach that must include education and training, being adaptable to new technologies and policies, and embracing best practices to most effectively counter cyberattacks. By taking these steps to protect their companies from cyberattack threats, c-suite executives will save their firms money, time, reputations, and resources. Especially with more employees and executives working remotely due to the pandemic, having training on how to prevent cyberattacks and garnering a secure cloud-based platform are paramount. Ultimately, c-suite executives should embrace a cloud-based platform to store your firm’s data, such as one offered by Cetrom. A cloud-based system is the most effective way to increase cybersecurity, reduce costs, enhance risk management, and prevent cyberattacks.
As cyberattacks evolve and advance, c-suite executives must educate themselves on the threats from cyberattacks to understand how they and their companies are at risk.
Perhaps surprisingly, common challenges that many c-suite executives face when dealing with cyberattacks involve their own office: breaches to their own data and accounts, lack of involvement and education in cybersecurity, and increasing the visibility of the cyberattack issue across the company. C-suite executives' accounts are breached often due to the lack of sufficient education on cybercrime, cyberattacks, and cyber security, which in turn makes them and their companies more vulnerable to be prime targets for breach. Interestingly, 20 percent of small business executives have not been briefed on cybersecurity issues, whereas executives from large organizations reported zero percent. Thus, the executives from many organizations lack institutional knowledge on how to combat cyberattacks. Only 25 percent of surveyed board members were involved in reviewing cybersecurity threats. A recent PWC report found that 50 percent of businesses and IT professionals wanted an increase in cybersecurity measures across departments.
C-suite executives themselves are prime targets for cyberattacks. While c-suite executives may not consider themselves to be targets, they are 12 times more likely to be besieged in a cyberattack than other employees in the same company. Further, they are nine times more likely to be the target of social breaches than in previous years. A global survey of companies found that 40 percent of these organizations report c-suite executives as their top cybersecurity risk. Cyber criminals view c-suite executives as easy, lucrative targets.
So, why do c-suite executives become easy targets for cyber criminals? C-suite executives are more mobile and travel frequently, have access to sensitive company data, enjoy more lax security constraints than employees, use multiple mobile devices across different networks, and are often surrounded by individuals who can leverage their access to the c-suite executive for material gain. C-suite executives are particularly vulnerable to phishing attacks. Statistics from the Verizon breach, based on FBI data, determined that 71 percent of these cyberattacks were financially motivated. Attackers were looking to exploit a particular company to extract employee data, gain intellectual property or ransomware to make money, and target executives for money.
As leaders of the company, c-suite executives can raise the importance of the cyberattack problem in their company by arranging training on cyberattacks to educate employees, executives, and board members, in addition to making prevention a key topic of discussion. Other studies have shown a concerning disconnect between c-suite executives within their own office and between IT departments on cyberattack prevention, thus leading to devastating data breaches.
While there is no playbook on how to prevent cyberattacks, here are some key “Industry Best Practices” on how to reduce the risk of a cyberattack and better the understanding of cybersecurity in an organization.
While Industry Best Practices help improve cybersecurity operations, companies must also adopt guidelines for risk management. Across the board, many companies have embraced the following “Threat-Based Cybersecurity Guidelines for Improved Business Results” framework. Rather than reinventing the wheel, here are the top 10 guidelines many consulting companies suggested using for firms.
One positive development from the increase in cyberattacks is that cloud-based platforms have become much more sophisticated and accessible than in the past. Fortunately, Cetrom provides long-term solutions to help firms protect themselves from cyberattacks through their cloud-based IT solutions. For using their secure, cloud-based platform, Cetrom provides round-the-clock support to take the burden off IT teams, top-notch enterprise-level security to prevent attacks and mitigate them, mobility and flexibility to access the data anywhere and across devices, and promote cost-effective measures with predictable pricing.
While a cloud-based solution offers many benefits, it does have some disadvantages. As more firms migrate to a cloud-based data system, cyberattacks will target this platform more often. Common sources of cyberattacks on a cloud-based system can include cloud misconfigurations, incomplete data deletion, and vulnerable cloud apps. However, firms can prepare and adapt more effectively to these possible attacks on the cloud-based platform.
Despite these downsides, the advantages of a cloud-based system vastly outnumber the disadvantages. A cloud-based system is constantly being patched, monitored, and evaluated by dedicated staff, who are “on call” to watch the cloud for any cyberattacks and weaknesses. Subscribing to a cloud-based system by an outside provider saves resources for the firm, such as not diverting IT resources or the company’s funds to work on the cloud.
Key advantages include:
Cetrom Support fixed all of my problems, their engineers are very professional, courteous, friendly and very efficient. If all customer service out there was like...- Mid-sized