Cybersecurity: How it should be addressed by Business Leaders

Cybersecurity: How it should be addressed by Business Leaders

Capital Markets CIO Outlook | Friday, February 15, 2019

Enterprises that experience data breaches face the loss of business, reputational damage, and lawsuits as an aftermath. Companies invest in many tools that solve intricate problems many of which cannot be solved by technology alone. Business leaders have the responsibility to discuss leadership and ethical decision making. Protect sensitive and confidential company information is the best practice for cybersecurity. Though advanced security mechanism are installed, evolving threats should be continually monitored.

Different cyberattacks have different goals. Some hackers use the processing power of the servers’ to mine cryptocurrency while other attacks are profit-focused. Attackers usually don’t invest in expensive resources, and if the attack costs rise over a certain threshold, then they draw their attention towards the competitors who have not invested in data protection. The risk is measured by the probability of something happening multiplied by the potential impact which is also represented as the probability ranging from zero to one. 

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The attacks that are high risk should be fixed as soon as possible. These matters have a high return on investment as they don’t require massive investment related to time, effort, and allocation of budget. It can save a company’s brand reputation and interruption in operations. Risks that need low risk and low cost should be addressed regularly according to the organization’s risk appetite. These vulnerabilities if exploited will not cause material damage to the organization or its clients.

One of the most plausible solutions is to avoid risk entirely. The first question the organization should ask is the need of collecting sensitive data. The personal information of the customer should also be considered before obtaining it. Finally, the organizations must accept the risk by creating contingency and incident response plans. Various teams like leadership, information security, engineering communication, legal, compliance and customer relations are required to construct a good plan. Heavy reliance on technology has made cybersecurity a broad topic of increasing importance. Business leaders have to gain an understanding of the problem before shaping their organizations’ security culture, process, and procedures.   

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