Why Business Leaders should care about Cyber Security?

Do you feel certain that your company is ready for a cyberattack when it occurs? Businesses now are at a constantly increasing risk of cyberattacks, and the costs can potentially be deleterious.

The good news is companies are aware of these risks, but only a few of them take necessary steps to protect their systems, networks, data, especially intellectual properties. In this massive wave of digital transformation, cybersecurity operations are indeed a crucial element of businesses’ success. That being said, understanding the issue as well as its pervasive consequences are completely different from properly handling it.

Cybersecurity may not come cheap, however, it is there for a reason that it helps organizations and businesses to protect themselves from cybercriminals in current digital space. The problem is that the pace of development in implementing judicious strategies to deliver better security to likely cyber accidents remains slow. In other words, the businesses seem to fail to see the bigger picture that they look to buy one-size-fits-all solutions for cybersecurity, which do not exist.

Cybersecurity has a direct impact on business reputation so that business leaders should give proper consideration to that matter, meaning that they need to obtain many insights into the cyber risks they can face. If business leaders fail to take action to mitigate cyberattacks, there is a high possibility that companies would not only have a reduction in sales or revenue but also have their relationships tarnished with investors or other parties who already vested in the business. This is just a simple example of what could happen.

Taking these into account, business leaders should:

  • First and foremost, regard it to be a CEO-level issue, and for that reason, strategic-level priority should be given;

  • Understand the industry, and the threats unique to the organization. From then on, they should answer the questions of “what assets do the organization need to protect?”, “What are the probable occurrences that would intimidate these assets?” etc.;

  • Obtain business acumen and be able to directly communicate with executives who are responsible for cybersecurity.

In a nutshell, organizations irrespective of their size, are the target for someone, and therefore, they should make progress towards cyber resiliency.

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