What Should Managers Know About Cybersecurity?

Cybersecurity is an integral part of any digital system. While most companies strive to protect themselves from known threats, cybercriminals always find new ways to sabotage data security and gain unauthorized access to the company's systems and data. With the continuously evolving nature of cybercrime, managers must take proactive steps to ensure data security. To effectively protect your company from cybersecurity threats, you need adequate information. Here are a few things you should know about cybersecurity to help you keep your company safe.

1. Risk Exposure

The first step in tackling cybersecurity threats is to know your company’s risk exposure. Establish your company’s vulnerability by analyzing how likely it is to suffer an attack depending on your industry.  You should also know what types of threats are common in your field, as well as loopholes that may expose your company to cyber attacks.

For example, if your company has numerous connections with other businesses, the chances of security breaches and data theft occurring increase. Also, the state of your company’s technologies, such as software and applications, can determine whether you are at a high risk of attacks or not. By understanding your company’s risk exposure, you are in a better position to devise effective solutions.

2. The Possibility of Cyber-attacks and Their Impact.

Whether you are managing a start-up or an established business, your company is at risk of cyber threats regardless of the size. When your business becomes a victim of cybercrime, it is the management that is usually accountable for the incident and not necessarily the IT department. What’s more, security breaches and cyber attacks will adversely affect your company when they occur.

Besides jeopardizing the privacy of classified information, cyber-attacks will cost your business revenue, corporate image, and trust. According to reports, the cost of cyber breaches on businesses is at an average of $4.9 million. You also risk losing both existing and potential clients. With this in mind, it is necessary to treat cyberattacks as a case of when it happens, and not if it happens.

3. Most Security Breaches are Caused by Employees

Research shows that about 60% of cybersecurity attacks occur due to an inside job. Most times, security and data breaches are due to employee activity, both present and former, and third-party suppliers. While unauthorized access may occur unintentionally, such as employees clicking on suspicious links, it may also be a product of malicious intent. Company insiders can collaborate with attackers to infiltrate your systems.

Given that the most threats lie inside your company, you need to involve all parties in protecting your cyberspace. You can do this through employee education and awareness and ensuring that the people you work with have reliable cybersecurity measures. You can also limit access to sensitive information and avoid giving all control to one person to ensure accountability. Employees can also utilize programs like GI Bill benefits to learn more about technology and minimize their vulnerability.

4. Cybersecurity Requires a Holistic Approach

You require a holistic plan and approach to ensure data resilience and achieve information security. While preventive measures are great at protecting your company from attacks, they are not enough. You need to utilize monitoring, detection, and response services to keep you alert of any suspected attacks. Doing so enables your company to deal with threats and attacks before they actualize. It also allows you to respond promptly in case of an attack, preventing further damage and reducing downtime.

Also, disaster recovery and continuity plans are necessary to help your company bounce back after a cyber attack. Although cyber liability insurance may help mitigate the damage, such as preventing downtime, they do not provide coverage for future losses, the cost of technological improvements, and value loss from theft of intellectual property. By developing a comprehensive strategy, you increase the chances of your business's continuity. Keep in mind that most small businesses fail within six months after experiencing a cyber-attack or data breach.

5. Dealing With Reputation Damage

Data breaches sometimes happen even after putting in place stringent security measures. In case your company becomes a victim of cyber attacks, you need to know how to handle the resulting reputational damage that may occur. When confidential data and information falls into the wrong hands, it ruins your corporate image, and people lose trust in your company.

As a manager, you need to fight reputational damage by acknowledging the incident and providing information on how you plan to deal with the situation, such as upgrading your security measures. Also, assure your company’s stakeholders and clients that their confidential information is safe. Doing so gives you a chance to rebuild your brand’s image and inspires confidence in your company.

The above information can help you implement reliable measures and make informed decisions to enhance your company’s cybersecurity.

This Guest Blog Post was provided by Eleven Fifty Academy

Eleven Fifty Academy’s Launch Into Tech Fund, provides dollars to future students who are ready to change their lives through one of our immersive tech boot camp programs. We feel passionate about skilling up both the technical knowledge and business soft skills in individuals from all walks of life. As we move into 2021, our company goal of increasing access to veterans, women, and minorities becomes primary.

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Credit: Image by Werner Moser from Pixabay