Cyber risks for leaders
What C-Suites/Leaders Need to Know About Cyber Risk
Today's Business leaders must transform Cyber security from a
function that strengthens business to a function that promotes
growth. This implies giving a clear message about how cyber
resilience is vital to business success and creating that
mindset throughout the organization- from the c-suite to teams
on the front lines.
As a leader, Cyber security should always be a top priority for
your company and a part of your strategic planning.
Role of leadership and management in Cyber Security
Leaders play a critical role in an organization's security posture, from urging the revision of security policies and procedures to funding effective user awareness training to empower them to better control digital assets. Because the incring eas number of cyber-attacks on critical infrastructures necessitates a more decisive approach from managers who need to be more involved in IT decisions and have a better understanding of their information systems environment's demands and requirements.
Common threats faced by any employees or users in company/organization:
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Email phishing
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Virus / malwares
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Fake web pages
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Weak passwords
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Ransomware
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Critical data leak like username and passwords.
Steps that leaders can take to improve their company's Cyber security.
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Adopt a culture in the organization that is conscious of cyber security.
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Follow security articles or security advisories to be updated on latest threats.
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Work to build resilience rather than simply avoid risk. Leaders must focus on their organization's overall resilience, as risks can be managed but not eradicated.
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Make sure your company has invested in proper disaster recovery or backup plans in case of any major cyber-attacks.
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Create an effective security plan in collaboration with key decision-makers and consider the impact to stakeholders.
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Implement user awareness and training.
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Outsource cyber security with other companies if needed.
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Deploy a cyber security policy in your organization.
Taking a fresh look at risk? Below are guidelines for the Right Mindset.
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It will be costly but … Consider Cyber security as a Business Facilitator.
Companies can differentiate themselves from their competitors by focusing on cyber risk management. It allows businesses to show that they have not only robust Cyber security, but also effective cyber risk mitigation procedures in place to protect their customers.
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Make Cyber security a shared responsibility for everyone.
IT personnel are not the only ones responsible for security. Security on the other hand, is everyone's responsibility within an organization. A company's security risks can be affected by any employee's misbehavior.
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Overconfidence Effect
Now you have made investments in Firewall, IDS and IPS systems, in addition you have made everyone responsible through a policy that is applied. So, you think the organization is all set?
Reality is optimism is great for everyday life, But the opposite - which is being doubtful ,is required when dealing with systems, application, incident, email, link, and attachments, to name a few. This is because one misstep is potentially disastrous and can compromise the entire security of an organization.
It is important not to be overconfident because of the investment made in security solutions, as many social engineering tactics can introduce malware into systems with ease. Therefore, it is crucial that companies place equal emphasis on business continuity and business resilience. -
Your IT Personnel are not sufficient against targeted cyber-attacks
Unless you have IT and cyber security expertise in one department, you aren't set against those targeted cyber-attacks. There is a difference between information security and Cyber security, in fact the latter is a different specialization and the main difference between the two is the IT personnel has a “fix-it mentality” whilst the Cyber security has a “Secure-it “mentally.
Yes, with all the media that is showing millions of events and after threats, everyone knows about potential harm and IT personnel have stepped up their game to understand security and incorporate it. However, make sure that your expectations are not that the traditional IT personnel (given their daily tasks) are taking care of security to that level of a specialized expert. Instead, have a Cyber security specialist within that team and expose all IT personnel to quarter yearly training in security and have that preparedness. -
Build a Resilient Cyber Culture
Building a cyber-resilient culture generally requires a coordinated approach that begins with identifying desired cyber behaviors and then establishing appropriate policies, frameworks, and processes to promote those behaviors. These policies must be supplemented with trainings, incentives, coaching, and communications.
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Embrace the risk
While the importance of risk management is probably higher than ever, it still has negative connotations. Board members, higher executives and authorities do not favor this subject which is why “Turning risk into opportunity” is the approach to build a robust risk culture that will nourish the entire organization, providing the board with vital information and creating the platform for it to be enterprising and innovative.
What should CEOs be aware of in terms of Cyber security risks to their
businesses?
The following questions will assist CEOs in guiding discussions with
management about their Cyber security risks:
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What kind of important data could be lost?
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How can my company build long-term resiliency to reduce the Cyber security risks?
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What impact might cyber-threats have on my company's various functions?
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What is our company's current degree of cyber-threat?
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What industry standards and best practices does our Cyber security program use?
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What is our strategy for dealing with the risks that have been identified?
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How often do we put our plans into action?
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Are our strategies/plans for the entire firm or just information technology (IT) focused?
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How effective is our business continuity and disaster recovery strategy?
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What is the threshold considered for notifing executive leadership about Cyber security threats?
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How can improve my company's readiness and cooperate with the NCSC?
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Are we investing in core Cyber security training for our employees? Are we going towards a 2-year plan of having an In-house Cyber security specialist?
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