The cyberattacks’ rate has increased by 300 during the pandemic – Acronis Cyberthreats Report 2020
1 in 5 SMBs have fallen victim to a ransomware attack – Strategy Analytics’ Research of SMB Market
92% of victims who pay the ransom never get their data back – Sophos State of Ransomware 2021 report
The leading global market research company, Forrester too, recently published a blog on the growing importance of cybersecurity and privacy for the tech leaders.
According to them, the last couple of years have shown that cybersecurity and privacy should be the top priorities for the tech executives. Any breach can cost companies a loss of money and trust. Moreover, they may be liable to pay regulatory fines and undergo third-party inspections.
The tech leaders can eliminate the gap between cybersecurity and privacy and the rest of the organization by embedding cybersecurity and privacy throughout the organization. This is achieved by taking decisions through a risk-based approach. The approach will help tech execs to:
- Use threat actors and a fragmented legal and regulatory landscape to anticipate changes.
- Describe the importance of cybersecurity and privacy to the director board.
- Develop secure products using cybersecurity and privacy.
- Constantly review the current cybersecurity and privacy of the organization to keep evolving and choose the best suitable partners for it.
Tech execs must constantly develop measures to increase the security of the organization to match the new cyber threats.
- Cybersecurity: Your business’ cybersecurity posture is only as strong as your weakest employee – a data breach is statistically more likely to come from human negligence rather than a criminal hack. That’s why creating a riskaware culture within the workplace is critical to prevent your employees from becoming unknowingly complicit in cybercriminal activity.
- Cyber risk quantification: Tech executives need to obtain detailed financial figures on the value of what is protected and what is at stake. This will help them present insights to the directors and third parties with proof.
- Cyber insurers: They also need to have access to the data discussed above as Ransomware-as-a-service business models have prompted them to be stricter and collect evidence. Tech execs need to capture requirements, limitations and offer guidance to set expectations on cyber insurance for the organization.
- Talent Retention: People did not leave the workforce but chose to opt the companies offering them better compensation, location and culture. Tech execs need to create talent development programs that will improve talent retention and maintain a positive culture.
Moreover, Cyberthreats are becoming more sophisticated and difficult to detect as cybercriminals use advanced technologies (e.g. artificial intelligence (AI) and automation) to improve the effectiveness and frequency of their attacks. That’s why modern cyber protection requires constant vigilance – the solutions must be updated continuously to protect a business from today’s threats.
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