Cyberattacks are increasing in business sectors; the more connected to the internet companies are, the more vulnerable they are to attack. With this imminent threat, entrepreneurs are aware of the fact that it is if, but when they will be attacked. It is for this reason that many companies are beginning to hire a new staff figure: the Chief Information Security Officer (CISO).
Although companies recognize the potential damage that a cyberattack can bring, statistics indicate that corporate leaders are not taking the necessary measures to protect themselves.
One of the reasons why necessary measures are not taken is the lack of knowledge regarding the directive itself. The National Association of Corporate Directors (NACD) published a survey to more than 600 directors and professionals of corporations, they found that only 19% believe that their boards have a high level understanding of cybersecurity risks.
However, they are aware of the biggest risks that a cyberattack could bring. A study was conducted by BAE Systems among 300 managers of companies in the United States. It found that 85% of those surveyed mentioned reputation lost as the most serious consequence of a leak, while 74% considered the legal repercussions as their second largest concern.
Taking the appropriate security measures not only involve resources, qualified staff and technology, it’s also about having the ability to manage them with astuteness. That’s why it is important to determine the role of the Chief Information Security Officer (CISO) as they attempt to keep the interests of the company safe.
What are CISOs facing?
Restrictions on the implementation of security processes in response to app vulnerabilities, mobile device use without security policies, insufficient staff for IT security, and adequate software for confidential files protection are some of the reasons for deficiency in the cybersecurity field.
We should add the need of a CISO to convince the directors board of possible consequences of a cyberattack in an environment where administrative sector is generally given priority.
Considering the legal responsibility for a security crack that affects customers and how it will correspond with the company’s management. It is necessary to know in depth what is done in this department and how to integrate it with the business strategies of the company.
Establish a cybernetic culture throughout the company
This solution goes beyond understanding security protocols, it is also ensuring that the board of directors establishes a strong professional relationship with the CISO. This will help the board understand the cyber threats, implement appropriate security controls and at the same time promote cybersecurity culture.
A Harvard Business Review research found that 9 out of 10 CISOs are directly linked to the highest management team, half of which belongs to the management team.
Another interesting suggestion is encouraging the involvement of the CISO in the business initiatives. This allows their risk assessments to be taken into account before and during the analysis of results.
On the other hand, to promote an effective safety culture, it is necessary to have appropriate technology that allows the team to keep up with cybersecurity. Currently there are tools designed for managers that allow them to control the flow of sensitive information inside the company.
Cybersecurity challenges are increasingly difficult, therefore it is task of all staff to carry out appropriate safety measures. It is no longer the responsibility of the IT department, it is necessary to involve and create cybersecurity culture throughout the team, and managers should be example to follow.