With the new technology enhancements in the world today, it has brought about more sophistication of cybercriminals and it has given rise to increased rates of Cyber Risk to any organization as well as to individuals and the impacts keep rising which give more pain and responsibilities to the company-wide decision-makers (CEOs, MDs)
In the year 2018, it was reported that a local manufacturing company lost over US$ 102,000 in an email phishing scheme referred to the CEO fraud scheme. A CFO (chief finance officer) received and acted upon an email instruction that looked legit to have come from the chief executive officer instructing the staff to wire money to an account that appeared like that of the known supplier. However, the account and name had a slight change which the staff did not notice until the money had been wired. Such schemes are on the rise and the problem is people get to know after the fact.
Compared to the recent technologies, everyone as of today contributes to what is referred to as the cyber warfare, the fact that we hold smartphones or any device that is a computer system, then these can be used and controlled by attackers with access and on compromise of their IP addresses to form a group of malicious computer systems called a botnet or groups of botnets. These contribute greatly to threats such as DDoS attacks which create more risks that lead to organization sensitive data theft and confidential information hacked. This makes any company decision-maker pay more attention to their organization network security.
The challenge that CEOs face is, to what means they impact the choices being made outside of their own dispatches and how they can utilize their ranges of abilities to settle on the choices and ideas they make that remain significant to their organization.
Here are some of the top critical challenges that company-wide decision-makers face during an incident of an attack;
Malware Attack incidents
According to the annual criminal report by the Ugandan police force for the year 2018, reported 198 cases in the year 2018 from 158 from the year 2017 and among the reported cases were Electronic Fraud with 76 cases reported. the greatest percentage of Electronic fraud is malware implantation and infestation on networks purposely to gain access to user credentials like social security numbers, credit card details among other details.
With these encounters and schemes, make any CEO to pay as much attention as possible to implement a proper security posture.
With the emergence of attacks like Ransomware attacks that compromise the entire network, web applications and endpoint systems to gain unauthorized access to the sensitive data and go ahead and encrypt all files without permission. This is not an easy task for the CEO to mitigate the risk factor.
There really exists a challenge in the organization where the CEO has to pay attention to the employee’s awareness about cyber risks at both the technical and non-technical sides.
It is the duty of the CEO at most cases to educate his team about the sensitivity of the data in the organization and how to secure this information to reduce the risk of cyberattacks to the organization.
it is also of value addition when the CEO makes sure that the executive teams in the organization are informed of the trending security advancements so that they keep an eye on their online activity.
Another critical cyber threat vector that greatly affects organizations and that require the attention of a CEO is the insider threats. There is a high possibility for these to occur inside and they tend to happen accidentally.
The greatest challenge for the CEO is to keep an eye on the security policies created to govern the security of the organization, which are avoided by the employees, for which followed are aimed at the protection of network assets and confidential company data.
Another scenario comes in where the employees are driven by the influence of financial benefit or secret offers which push them to extract confidential data like account logins and credentials of sensitive accounts to the threat actors.
CEOs are challenged to put in place password management strategies to protecting personal data through investing in security tools to protect from external attacks. CEOs ensure his employees encrypt their passwords using password management tools to prevent loss of sensitive data and reduce the possibility of password reuse and weak passwords.
There can never be a reduction in cybercrime but instead, the challenges to cybersecurity evolve every single day. To any CEO, this must draw attention towards any upcoming or emerging threats and be ready to deploy advanced security tactics to ensure organization security and protect its growth from the eyes of cyber threat actors by implementing better mitigation procedures in place.
Summit Consulting Ltd in partnership with the Institute of Forensics and ICT Security brings you a free Cyber Awareness talk that will enlighten on the cyber threats and the risk they impose on your organization. Cyber threat mitigation procedures are brought to you and the value for the Awareness training brought to your staff.
The session is worth US$4,000 but delivered free of charge. Protect your and customers’ data.