Updated: February 8, 2023
3-minute read time
When organizations still relied mainly on manual processes, cybersecurity used to concern only a small number of specialized IT professionals tasked with keeping computers updated, properly configured, and protected by tools such as antiviruses and firewalls.
Today, even small organizations depend on information technology as much as they depend on their employees, so their CEOs must make protecting all hardware and software assets one of their top priorities.
Why Is Cybersecurity Important to a Business Leader?
Influential CEOs understand what goes into keeping cyber threats at bay. They are aware of the potential consequences of failing to do so and are better equipped to steer the organization toward success and profitability than a CEO who doesn’t have an active interest in the topic.
The good news is that more and more CEOs are becoming aware that modern organizations need more than just an antivirus and firewall to protect themselves, as evident from the steady growth of global cybersecurity spending.
Spending in the cybersecurity industry reached around $40.8 billion in 2019, and analysts forecast it to reach 54 billion by the end of this year, despite the impact of the COVID-19 pandemic.
Unfortunately, throwing large amounts of money at the latest tools and products doesn’t automatically result in better cyber defenses. CEOs should first know the answers to the three questions listed below before making any cybersecurity-related decision.
1. Are There Any Privacy Regulations We Must Comply with?
Privacy regulations like the Cybersecurity Maturity Model Certification (CMMC), the Health Insurance Portability and Accountability Act (HIPAA), or the California Privacy Rights Act (CPRA) the Health Insurance Portability and Accountability Act (HIPAA), and the California Privacy Rights Act (CPRA) deal with the regulation, storing, and use of:
- Personally identifiable information
- Personal healthcare information
- Other sensitive data
Achieving compliance with relevant privacy regulations should be the top cybersecurity priority for every organization for three main reasons:
- It helps avoid heavy fines in the event of a data breach.
- It improves customer trust and loyalty.
- It strengthens the organization’s cybersecurity posture.
Privacy regulations offer tangible benefits, so they’re certainly not annoyances that make it difficult for hard-working business owners to do their jobs.
2. What is the Weakest Cybersecurity Link in Our Organization?
Hollywood movies and other popular entertainment make it seem that most cyberattacks happen because a highly skilled hacker sets their sights on a large enterprise storing heaps of valuable data before exploiting an undiscovered vulnerability using sophisticated hacking techniques.
In reality, only about 25 percent of cyberattacks happen because of the so-called zero-days, which are security flaws that the vendor still needs to patch. The rest are caused by employees compromising the system behind all the protections to defend it.
Knowing that employees are the weakest cybersecurity link in every organization, CEOs should focus on creating cybersecurity employee awareness by investing in ongoing training on the topic. The goal should be nothing less than the transformation of employees from the weakest link into the first layer of defense.
3. Can Outsourcing Cybersecurity Make Our Organization More Resilient?
The cybersecurity landscape has become so complex and hostile that navigating it can quickly feel like walking through a minefield, with one wrong step potentially having disastrous consequences for the entire organization and its customers and business partners.
Realizing that ensuring sufficient protection against the latest and most dangerous cyber threats while focusing on core business activities is challenging, a growing number of organizations are outsourcing their cybersecurity to third parties.
By 2025, the estimated global IT outsourcing market is worth $397.6 billion. With 62 percent of leaders already (or planning to) outsource their security to a managed IT services provider in 2022.
All organizations that outsource their cybersecurity get to enjoy round-the-clock support provided by dedicated security specialists, access to best-in-class cybersecurity solutions, superior threat detection and response, multi-layered protection and security training, and significant cost savings.
These and other benefits of cybersecurity outsourcing make the practice an excellent choice for all organizations that don’t want to take any chances but, at the same time, don’t want to make cybersecurity their sole focus.
Evaluate Your Cybersecurity Posture in 10 Minutes
We understand that many small businesses don’t have access to experts to inform them of their cyber resilience. That’s why we created a cybersecurity assessment for small businesses. It allows you to self-evaluate your cybersecurity posture so you know what to prioritize.
Verify if you have the foundational cybersecurity solutions that today’s companies require in 10 minutes.
Related content: Tips to Help You Stop Wasting Money on Cybersecurity
