Claiming modern technology has completely revolutionized how human beings conduct their activities would be an understatement. In truth, thanks to technology, almost every profession has gone digital, and consequently, their workers have to learn new ways of integrating technology into institutions. Adopting technology has made the world a big global village, making it possible to transact business with people from all walks of life regardless of their geographic positions globally.
Due to the technological revolution, a class of wealthy individuals and their juggernaut organizations such as Mark Zuckerberg for Facebook and Elon Musk for Tesla and PayPal. However, as pioneers and innovators reap the benefits of adopting modern technology, they face a new problem hanging on their company’s future career like a dark cloud. Cyber-attacks threaten to derail organizations and even stagnate their growth, with data theft a primary concern that can leave institutions vulnerable to lawsuits. Cyber security is growing in importance, and so is its demand.
Cyber security is crucial to each institution because it helps protect their employees and their customers. One of the most common forms of cyber-attacks is data theft, where an institution’s firewall is breached, and their confidential data is harvested. It is a significant concern as several companies have had a cyberattack against them, with only a few able to repel the threat.
Yahoo especially was a victim to various attacks, the first one coming in August 2013 before a subsequent 2014 attack. Facebook has also had to deal with a cyberattack, the latest coming in April 2019, while other conglomerates such as Alibaba, LinkedIn, and adult friend finder have all been targeted. The caliber of firms becoming targets of cyberattacks is increasingly worrying as they show an emerging trend that has led companies scrambling for ways to defend themselves. Cyber security also offers protection of data from any damage, meaning it’s a basic need for every company in the modern-day.
While governments have discovered businesses and individuals’ threats regarding cybersecurity threats, they are still a long way from stopping the attacks (Gobble, 2016). Virtual private networks make it extremely difficult for government institutions to track and arrest hackers. Recently, ethical hackers are being trained to find and trace the potential points of weakness in the business systems, but even they are people and can be tempted. The abundance of riches that cyber terrorists have at their disposal can entice them to switch allegiances and become hackers. The internet has become such a massive phenomenon that it is hard to regulate the entire industry completely. Targeted cyber-attacks have steadily increased since 2012, and in 2018, there were a reported 812 million cases of malware. A staggering seven of every ten malware cases were traced to ransomware. The authorities are still behind in terms of catching up with ransomware attacks.
The statistics only continue to prove a severe case that needs to be quickly addressed. Over thirty-four percent of businesses previously hit by ransomware attacks took longer than a week to recover their data. The delays can severely affect a company and its ability to efficiently carry out its day-to-day operations. Missing data for that long will leave a severe mark on their stability and influence their revenue. Most financial institutions have been targeted by some financial malware, reporting that 90 percent of American financial institutions have had to deal with imminent cyber threats. That leaves institutions spending upwards of two million dollars to safeguard their defenses from malware and web-based attacks. They are the most targeted areas, and the business should invest more security in such key locations to keep the hackers out.
With every problem, there exists a solution waiting to be exploited, and the field of cybersecurity is a goldmine at present because future projections indicate jobs in the area will grow by approximately three hundred and fifty percent. It is a staggering figure, and the discipline is among the very few where demand outweighs supply meaning the compensation packages offered to each employee will be outstanding. Putting remuneration aside for a moment, the estimated demand in America alone, considered by many as the land of opportunity, will be enough to guarantee job security to the best employees in their field. Calling the discipline, a goldmine is no overestimation because as technology becomes more sophisticated, the problem of cyberattacks and ransomware attacks is only projected to increase. An increasing problem will require improved budgets in institutions geared toward protecting consumer data and themselves, by extension showing Cyber security is growing in importance, and so its demand.
At present, the exponential demand has prompted a revolution in the practice of Information Technology, with the discipline forced to incorporate chief information security officer (CISO) knowledge into teaching. However, it is only a stopgap with the hackers working day and night to improve their skills to ensure they find ways around the systems created by such professionals to safeguard company data from damage or theft. CISO officers will be a primary requirement for any startup that hopes to become a reputable business soon. Fortune 500 businesses are already reaping the benefits and offering good compensation packages to their staff. However, startups may struggle to match the budget in such institutions, but the accompanying costs of any ransomware attack or cyberattacks are not lost to the management. They have begun implementing processes of enlisting professionals’ services to ensure a cushion exists, guaranteeing them from the effects of a cyberattack.
Backing up data helps the institution avoid cases of ransomware. Something is done by the CISO or IT professional. The backup acts as a mitigating factor towards paying a person for data that belongs to the firm. Should the data be stolen, they would be able to continue their daily operations, especially if the leak was detected fast enough. It would safeguard most of the company data, and the system’s protection, designed and managed by the CISO, would eliminate the malware. Though the company would inevitably lose some files to the malware attack, the more important data would still be available. That means the firm can eventually recover the lost data from being used later. CISOs play a crucial role even during a security breach and deal with the aftermath of an attack. They highlight an ever-growing need for all institutions to invest in cyber security software and personnel that cushion them from any attack.
A staggering statistic recently encountered highlighting the need for more cyber security experts is that there is a zero-unemployment rate among them. Lucrative careers all have tremendous competition, but somehow only a few individuals anticipated the demand created by migration into the digital world. The requirements have only increased once COVID 19 struck and people were required to work from home. It became easier to spot secure systems and those vulnerable to breaches. Each employee in the IT department is now required to have basic information in security and how to stop violations because cyber security also offers protection of data from any damage, meaning it’s a basic need for every company in the modern-day. The information is vital because they understand how hackers work and insulate a company against it, allowing operations to resume whether people are working from home or otherwise.
Each CISO needs to know that most hackers code their malware to spread from the endpoint to storage to help them activate it and have complete control over the company systems, including AI. Because most systems ensure the critical apps to the firm are located in the storage, one way is to create a limited account issued to guests on the network. An added benefit of segmenting is that it isolates the critical applications and data, preventing the malware from taking complete control of the system, which they recommend managing and carrying out. Therefore, an override can be possible to clean up a malware-infested but fragmented system. Should a system be suspected of having an infected file, it should be quarantined and analyzed immediately. It is a threat to security, further highlighting the need and role of cyber security experts in each institution to secure their data and grow.
Cybersecurity measures can help stop the increasing cases of ransomware experienced by growing organizations. While instances of espionage are increasing and as more hacking groups develop, there is a need to be vigilant and use the latest technology to boost network security. Companies have shown more vigilance in employing cybersecurity experts where unemployment rates are at zero. It indicates they have learned from the mistakes of juggernauts such as yahoo and Facebook, who have incurred steep costs of having data breaches leading to leaks. The company may find itself in the middle of a lawsuit with clients because of something completely avoidable. Therefore, adopting the proper cybersecurity systems and personnel is essential in dealing with security threats. With demand growing, the field remains a goldmine for those willing to learn about cyber security. Demand now outweighs supply, giving staff a proper negotiation avenue and value for their skills.
Businesses today are regularly under attack from cyber threats. Malware and other viruses are constantly searching for ways to infiltrate companies’ digital security and steal information. Larger businesses, in particular, are often targets of such malicious attacks and even the most prepared businesses can fall victim to these attacks.
For example, according to the Center for Strategic and International Studies, the Japan 2020 Olympics experienced a data breach, and the personal information of volunteers, as well as ticket holders, was exposed.
Maintaining digital security is a serious issue that companies have to diligently monitor on a daily basis. Following digital trends and protecting against malware and other attacks, however, is a time-consuming process which is why businesses have been hiring a chief information security officer.
A CISO is an executive-level company leader who is responsible for maintaining digital security and managing a company’s information. Developing a strategy for handling a company’s information is no easy task, which is why the CISO role requires knowledge of information regulations, implementation of security policies, and regular security updates to minimize the risks of cyber threats and attacks.
The CISO role also deals with risk management, advising on the risks versus the benefits of working with new technologies and collaborating with other companies. In today’s digital age, all companies can benefit from a solid information security strategy, and a CISO is the expert who can develop one for your company.
Not all businesses have a CISO, but the pandemic is one event that has spurred many companies to invest in digital security. Cyberattacks have gone up during the pandemic as people switched to remote work and new security policies had to be implemented. A study by IDG Communications found that 61 percent of companies surveyed employ a top-level security executive. The same study found companies who didn’t employ a security executive were more likely to report inadequate security training as well as insufficient security strategies.
A CISO is an executive-level position that is well worth the investment as one successful cyberattack has the potential to ruin a business. Below are the three main reasons why a business needs a CISO.
According to a report by Hiscox, in 2019, 6 percent of companies paid a ransom to regain control of critical IT operations in their business. These ransoms resulted in $381 million in losses. If a cyberattack steals your information you either have to pay a large sum of money for it to be returned or lose valuable data. In either case, your business will be taking a major financial hit. Cyberterrorists demand large sums of money for the information, but even if you don’t pay your business will still suffer a financial loss. It’s likely the business will be responsible for paying fees and damages associated with the compromised information.
Another serious result of a cyberattack is the loss of customer and investor confidence. It takes years of dedicated work to build a brand’s reputation, but a breach in confidential information can leave people distrustful of your brand. People don’t want to leave their sensitive information with a company that has failed to properly fortify its IT infrastructure against attacks.
A successful cyberattack will also make potential business partners hesitant to work with your company. If you can’t protect your own information, companies will see your business as too big of a risk to their own reputation and security.
Hackers and other cyberattacks often target tools that disrupt the day-to-day operations of a business. For example, in 2010 hackers attacked Mastercard and Visa and managed to temporarily crash their websites. This caused a major issue for customers and made it impossible for employees to do their jobs. When employees can’t do their work, the business takes an even bigger loss.
Businesses also have to alter their business practices after a cyberattack by creating a new strategy for their digital information. In some cases, smaller businesses have had to scale back and shut down online stores because they couldn’t be properly protected. Don’t let a potential cyberattack derail the advancement of your company.
Prepare for inevitable cyberattacks now by hiring a chief information security officer. If you haven’t taken the time to seriously fortify your online information, a CISO is the perfect person to rework your digital security. Don’t wait until after a cyberattack to protect your business. Get ahead of the risk and secure a professional who can focus solely on your company’s information and cybersecurity.
Our hands-on CISO & CIO executive recruiters have experience working with private, public, pre-IPO, and non-profit organizations. Clients are typically $50 million in revenue to Fortune 1000’s or have assets between $500 million to $15 billion. Successful placements span the entire C-Suite – CEO, Chief Information Security Officer, Chief Security Officer, Chief Information Officer, Chief Technology Officer, and include vice president, general counsel, and other technology executives.
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