Have you ever been worried about the quality of your cybersecurity efforts for your business? If your answer is yes, recent statistics might alarm you. Cybercrime, which consists of phishing, ransomware, identity theft and fraud, have seen a 600% frequency increase since the COVID-19 pandemic first hit in December of 2019.
Of the crimes listed above, web-based attacks and malware targeted at your business will often cost the most to resolve. On average, organizations have been known to spend nearly $2.4 million dollars across all cybersecurity fronts in order to protect itself. Despite this investment, nearly one in three businesses will find themselves victimized by a targeted malware attack resulting in data loss or corruption that can take upwards of a week to solve.
IT professionals throughout all organizations in the country are aware of the issue, with nearly half of them admitting the businesses they work for are vulnerable to attacks. Despite these professionals’ efforts, nearly 75% of all businesses that have been attacked report that they have the most up-to-date security protection. Just in 2020 alone, nine in ten businesses indicated they were the victim of some form of targeted ransomware attack.
More often than not, the true targets of these attacks are the executives of organizations. Namely because these individuals will have the most clearance in regards to sensitive data. Executives falling victim to a cyberattack could lead to an entire company being in jeopardy. This is why most organizations prioritize fortifying the security that their executives utilize, as protecting their personal data becomes an extension of protecting the company’s data.
The first step in providing ample security for executives is determine how far their presence online extends. Where can people find information on this individual? How many social media or networking profiles exist for this executive? How many accounts has this executive made on shopping networks or retail store websites? How about any blogs from the past? Determining how much information is out there is just as important as determining what the information itself is. Sometimes taking a proactive approach of minimizing the amount of information shared online is enough to protect executives.
Perhaps the most important step of keeping these executives safe is educating them regarding the types of attacks that they may encounter. Ransomware and phishing attacks can look so sophisticated that executives may think what they’re engaging with is truly harmless. Paying attention to detail is imperative in determining whether or not something online is genuine. Avoid any e-mails from senders outside of their contact lists, particularly if the e-mail uses strange written phrases meant to deceive. Also remind them to never share any confidential information over an e-mail or phone call.
For more information regarding the cybersecurity dangers for business executives and ways that organizations have improved their cybersecurity, be sure to check out the infographic accompanying this post. Courtesy of Cancom Global Security.
