According to global business leaders and investors who were surveyed for the 2019 EY CEO Imperative Study, cybersecurity is the number one threat to the global economy. Among all the myriad worries faced by global leaders, they placed cybersecurity threats above all other major concerns.
We’ve been talking about cybersecurity threats for years, so why are CEO’s just now calling cybersecurity the number one threat to the immediate future?
For too long, businesses have treated cybersecurity simply as a compliance exercise, delegated a level or two into the organization. However, the C-suite is finding out that investors and boards have little tolerance for cybersecurity risk and expect CEOs to respond to the challenge.
There is huge financial risk associated with cybersecurity – in both prevention and recovery. Companies that fall victim to cyber breaches can lose money, pay heavy fines and perhaps most significantly lose the trust of their clients and employees. A significant cyberattack can spread disruption far and wide. It does not just impact a single business; it can impact multiple businesses and their supply chains, as well as national and local government infrastructure.
According to Ernst and Young, CEOs can take some practical steps to help mitigate their organization’s exposure to cyber risk:
- Be aware of the need to protect your brand. Your brand needs to have the trust of consumers, employees, and the supply chain. If any of these parties lose trust in your brand, cybersecurity attacks may follow.
- Work closely with your government to understand the regulatory landscape and which local enforcement agencies exist. That way you will know who to contact in an emergency.
- Collaborate with peers within your industry and sector to share insights and knowledge so that you can raise the collective level of awareness and preparedness.
- Work with experts who understand how cyber risk varies in the various markets in which your organization operates, and the programmatic controls that should be put in place for protection. To enhance investors and clients’ confidence, consider hiring an independent/objective third-party to evaluate and verify the effectiveness of your programmatic controls.
- Make sure you have an effective, risk-based cybersecurity program in place today. Many organizations fail to properly consider cyber risk until they are required to comply with new regulations, or their auditor tells them to act. In fact, cyber management should be ingrained within the DNA of an organization in just the same way that brand management is. The cyber implications of any project should be thought through at the start and the entire organization should have a mindset of security by design.
ACE IT Solutions offers a comprehensive suite of customizable cybersecurity services to meet your organization’s specific risk profile and compliance needs.
We continually invest in evolving our information protection program, developing our people, processes, technology and systems to create best-in-class risk management services. Protecting your information requires a strong defense on all fronts: from setting a dynamic cybersecurity strategy to developing and implementing comprehensive controls and information security services.
Our cybersecurity program is designed to ensure the security, integrity, and uninterrupted delivery of information so that we can support our clients’ growth objectives.
Contact us at 646.557.5575 to set up a cybersecurity consultation to stay ahead of — and effectively respond to — cyber threats and their diverse, multi-faceted attacks.