Cybersecurity is often treated like merely a technical problem, when in fact it is a business problem.
Companies depend on the internet to conduct business more than ever, making their data more vulnerable to the expanding volume of cybercrime we are seeing globally.
An increase in the frequency and strength of attacks necessitates an increased focus on cybersecurity if companies are to successfully foster productivity and growth.
The challenge for business leaders is to gain awareness and get wholly invested in risk management — Here’s how CEOs can balance both internal and external information security while remaining productive.
External vs Internal Cyber Threats
The first step in addressing data security threats is to identify where they’re coming from.
Crucially, CEOs must focus on cyber threats not only from external sources, but internal ones as well — one study reports that up to 30% of cyberattacks are caused by people from within the organization, whether intentional or accidental. The challenge is to consider and manage both types without detracting from running a thriving enterprise.
First, what is an external threat? An external threat is one that comes from outside the organization — from actors with malicious intent who aim to exploit vulnerabilities in your system to gain access to sensitive information. External threats come in a variety of forms such as malware, hacking, phishing, and brute force attacks.
What is an internal threat? In cybersecurity, an internal threat is one that comes from someone within the organization — an employee, contractor, or vendor — that can expose your system to threats, intentionally or unintentionally. This may include using security vulnerabilities to gain unauthorized access, stealing data with unauthorized devices, or accidentally downloading harmful content that can infect your system.
One report on insider threats at 204 organizations discovered that 63% of internal cybersecurity breaches are caused by employee negligence, to the tune collectively of over $11 million dollars. Criminal insiders and credential theft accounted for the other 37%. The same study says it can take more than 2 months on average to contain an insider threat.
This level of strain on resources, time, and money can prove devastating for companies — but business leaders can take steps to reduce the vulnerabilities in their system, and thus the chances of cyber attacks causing such problems in the first place.
Managing Cybersecurity Risks
CEOs play a critical role in protecting their organizations from cyber threats — asking the right questions, defining and implementing a comprehensive cybersecurity risk management strategy is essential.
Here are some ways CEOs can address cybersecurity for an organization that is better protected and better prepared to face cyber threats both internal and external:
- Become aware of your current level of cybersecurity risk, and how cybersecurity threats could affect different aspects of your business, from finance, to supply chain, to public relations.
- Identify what data you have, and what type of sensitive information could be exposed or lost.
- Outline and implement a strategy for your business to become resilient — in the long term — to current and future cyber threats.
- Don’t limit your cybersecurity plans to IT (information technology). Ensure other business leaders in your company are well equipped in their roles — for example your CISO (Chief Information Security Officer) must be able to translate technical security into business strategy, giving cybersecurity the visibility in your organization it needs.
- Educate your workforce on cybersecurity threats
- Implement a cybersecurity program that applies and adheres to industry standards and best practices.
- Review current technologies employed. Ensure you are adopting the most secure data encryption available — one easily adoptable solution is the One Time Pad (OTP), incredibly secure and quantum-resistant with the potential to mitigate both short and long term harm.
With cybercrimes up 300% since the start of the pandemic, it has never been more urgent for businesses to invest in cybersecurity.
By taking proactive steps, CEOs can ensure both internal and external data security is being addressed and properly managed, opening up time and resources and paving the way for a meaningful increase in productivity — and overall business success.
A Revolution in Data Security
Theon Technology is providing a paradigm shift in data encryption for CEOs looking to fortify their companies to not only survive but thrive amidst growing cyber threats.
Rather than just expanding on existing solutions, Theon’s revolutionary approach to the data security problem begins with patented technologies that build on one another.
With a focus on data sovereignty and data security, our game changing software solution offers a road map that will set new standards for establishing higher entropy random number generation — the foundation of true security — and deliver, for the first time, true One Time Pad (OTP) encryption at enterprise scale.
At a time when secrecy and privacy is mission critical, Theon is delivering next generation methodologies that are helping CEOs implement the most advanced level of cryptography available to protect their organizations against the threat of data exposure today and in the future.
Make cybersecurity a priority for your business today so you don’t have to worry about tomorrow — Reach out to a Theon expert to find out how you can enhance the secrecy of your organization’s most critical information. You can also download our free eBooks, including Random Acts of Secrecy, for more information on the importance of digital security now and in the future, and what needs to change.