According to the Cost of a data breach report 2021 by IBM, cybercrime costs the global economy between $375 billion and $575 billion in actual lost earnings, reputational risk, data breaches, and even national security costs each year.
Earlier, cybersecurity was primarily a technical concern handled by the IT team. C-suite executives, on the other hand, are coming to grasp that cybersecurity is a matter that must be managed operationally and strategically from the top to the bottom, with security measures at the leadership level.
Policy initiatives
Organizations should have a well-defined policy in place that ensures compliance from both executives and staff. Policies that incorporate the objective, scope, and procedures make it clear what the plan of action should be in the event of a cyber-attack. They provide companies credibility when it comes to regaining client trust.
Automate security
With the threat landscape becoming increasingly automated, protections need to be as well. According to Security and C-suite Threats and Opportunities by Radware, for the past two years or more, 40% of respondents said they have had automation in place. This contradicts the findings of the Security Industry Survey, which found that 80% of respondents claimed their organization’s security is manual. This shows that executives may be underestimating the extent to which some security safeguards are still manual. This can include manual signature development for new threats, policy formulation, and application vulnerability assessment and patching.
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True automation comes from allowing technology to initiate protections rather than putting data into a SIEM system for a person to make a judgment. Businesses should investigate multi-vector coverage via security component coordination.
Enforce layered security
Defense in depth is the most often used cybersecurity strategy. An effective cyber security policy should take a comprehensive approach that incorporates preventative actions not just at the technical layer, but also at the organizational level. While technical fixes like identity and access management tools, multiple firewalls, encryption, and penetration testing are available, a suite leader must be mindful of where sensitive data is housed and who has access to it at the organizational level. To avoid a hacking incident, one must think like a hacker.
Never put security ahead of speed
Enterprises should never take shortcuts when it comes to cybersecurity. Even while their time (and that of all their C-suite leaders) is extremely important, a cyber-attack is not worth the risk. Any harm caused by a cyber-attack would surely cost businesses more than the time it takes to reset passwords every three months or to follow whatever security protocol they prefer not to follow.
Also Read: Three Steps CISOs Can Take to Strengthen Supply Chain Cybersecurity
It’s also worth contemplating the difficult predicament IT professionals face when a high-ranking leader asks for help circumventing security systems. IT specialists are then forced to choose between jeopardizing the company’s security and ignoring a request from a higher (or even their boss’s boss).
Collaborate with CIOs and members of the board of directors
Cyber threats are not isolated incidences that only harm an organization’s money or reputation. In terms of results and efficiency, the company as a whole is under pressure. It is critical for C-suite executives to develop a sense of mutual trust through engaging in meaningful discussions with CISOs and CIOs, as well as discussing security challenges so that they may get an overview of the security scenario. According to industry analysts, there is a significant communication gap between business and IT leaders, which is concerning given the rise in cyber threats.
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