Back when organizations still relied largely 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 the protection of all hardware and software assets one of their top priorities.
Why Is Cybersecurity Important to a Business Leader?
A CEO who understands what goes into keeping cyber threats at bay and is aware of the potential consequences of failing to do so is 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, which is 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.
But simply throwing large amounts of money at the latest tools and products doesn’t automatically result in better cyber defenses. That’s why CEOs should first ask and answer 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) deal with the regulation, storing, and using of personally identifiable information, personal healthcare information, and 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.
As you can see, privacy regulations actually offer tangible benefits, so they’re certainly not just 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 forms of popular entertainment make it seem that most cyberattacks happen because a highly-skilled hacker sets his or her sights at 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 have not yet been patched by the vendor. The rest are caused by employees compromising the system behind all the protections put in place 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 easily feel like walking through a minefield, with one wrong step potentially having disastrous consequences for the entire organization, as well as its customers and business partners.
Realizing that ensuring sufficient protection against the latest and most dangerous cyber threats while maintaining focus on core business activities is an incredibly difficult task, a growing number of organizations are outsourcing their cybersecurity to third parties.
By 2025, the global IT outsourcing market is estimated to be worth $397.6 billion, with 83 percent of leaders planning to outsource their security to a managed IT services provider in 2021.
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 a great 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.
Aligned Technology Solutions Can Answer Your Cybersecurity Questions
As a CEO, you have to consider every aspect of your business, but that doesn’t mean you have to be an expert in everything. Instead, you can borrow all the expertise you need to successfully keep cyber threats at bay by partnering with us at Aligned Technology Solutions.
We can help you answer all cybersecurity questions and monitor and maintain your data and IT infrastructure with a multi-layered cybersecurity strategy that includes malware and antivirus protection, web filtering, firewalls, advanced encryption, and more. Get in touch with us for more information.