This post is shared: The risks organizations face from cyberattacks has increased significantly in the past few years. Although it is understandable that cybercriminals are more likely to target prominent businesses and organizations, this is not the only way they can be targeted. Ransomware cyberattacks have paralyzed the entire system in recent years.
This makes it impossible for them to provide care to patients who are already fighting for their lives. This threat is made more serious by the fact that the healthcare sector is expected to spend over $65 Billion on cybersecurity products and service between 2017 and 2021. Source: Cybersecurity Ventures
More than ever, organizations rely on the internet to run their businesses. As customers increasingly prefer seamless service delivery and connected platforms, there is a constant need to encourage digital innovation within the business.
But, the relentless push for digitalization has created new risks. This is largely due to the fact that organizations push digital innovations faster than they can protect themselves against cyberattacks.
It’s no surprise that 68% of business leaders feel that cybersecurity risks are increasing. Source: Accenture
This is precisely why IT leadership is so important to the survival of organizations in this age and age. Cybersecurity is also a major challenge for modern CEOs.
It is important to be proactive in dealing with these issues as it gives you the opportunity to control the situation should one arise. A lack of robust systems to handle cybersecurity events may mean that a last-minute response is not sufficient to counter the threat. The absence of clear IT leadership in a situation that could effectively be called a fog of war could cause irreparable damage to the business.
What cybersecurity risks pose the greatest threat to organizations?
The most difficult aspect of cybersecurity is the fact that there is no single threat that organizations can defend themselves against. It’s an ever-evolving landscape, with different organizations being targeted by different methods.
The result is basically a cat-and-mouse game between cyberattackers, and IT leaders responsible for securing user data and internal systems. Organizations that lose customer data due to cyberattacks are subject to significant liability because of the current regulatory climate in many countries, especially Europe.
This is a bad outcome that can be avoided. Organizations make it a point of having robust guidelines in place to protect themselves against the most common cyberattacks. They monitor the changing landscape and adjust their procedures to stay ahead.
Ransomware attacks are becoming more common over the last few years. Infiltrators infiltrate systems and encrypt data. If the organization wants to recover access to their decryption keys, they will be asked to pay a ransom. If the ransom is not paid, the attackers threaten to wipe out the entire data archive.
A survey revealed that 59% of US organizations were affected by ransomware attacks last year. 75% of these organizations had their data encrypted and only then were they able to release it for an average ransom payment exceeding $600,000. Source: Sophos
This is one of the oldest tricks in existence. In order to steal login credentials, sensitive information, and other information, attackers pose as legitimate institutions.
Most phishing attacks are designed to gather data. Every month, millions of new phishing websites are created for this purpose. According to Security Boulevard, 1 out of 8 employees has shared information on a Phishing site.
3. Mobile security vulnerabilities
Many companies now offer a BYOD (Bring Your Own Device) policy to their employees. They don’t have to use a specific device. They can use their personal mobile devices to conduct business.
This involves linking the devices to the IT systems of the company, which presents its own cybersecurity challenges. Are employees making sure that their devices are up-to-date? Are there zero-day vulnerabilities that have yet to be reported? Are employees using apps that could be siphoning data from their devices? These technicalities should be considered when drafting a BYOD policy.
It is time to rethink IT leadership in order to meet cybersecurity challenges of the future
This is a clear trend. Organizations will continue to face cybersecurity challenges in the future. As devices and systems change, so will cybersecurity challenges.