The Urgency of Addressing Cybersecurity Risks: Why Your Business Needs to Act Now

Global research and analysis firm, Gartner, highlights that cybersecurity has become a business risk for 88% of boards, rather than just a technical IT problem. In response, 13% of boards have created cybersecurity-specific committees overseen by a dedicated director. As a result, Gartner predicts that it will become more common for executive employment contracts to formally articulate accountability for cybersecurity risk. Executive performance evaluations and potentially at-risk remuneration will also be linked to an executive’s ability to manage cyber risks within their part of the business. However, Gartner warns that it is unfair and unethical to expect executives to handle this without the necessary knowledge and capabilities. The role of the SRM leader will need to evolve to ensure that business leaders have the necessary skills to make informed risk decisions.

Insider threat is a growing concern for businesses as employees retain information on projects or retain access rights and permissions. Kroll’s 2023 Threat Report highlights that the cyberthreat landscape has become more commercial and convenient for would-be attackers. Criminal underground marketplaces are offering cybercrime tools and services, including malware and ransomware, making it easier for any type of attacker with any level of skill to launch an attack. The commoditization of nearly every component of cybercrime is opening up new opportunities for attackers and changing the threat landscape.

Organizations must pay close attention to access rights given to staff and monitor for suspicious activity. Clear instructions and efficient IT and HR processes are crucial in preventing insider threat. To stay ahead of the evolving threat landscape, organizations must stay vigilant and continue to assess and address their cybersecurity risks.

Here are 10 Takeaways

1. 88% of boards now view cybersecurity as a business risk, rather than just a technical IT issue.
2. Cybersecurity has become a social phenomenon with increased public pressure and governmental regulations.
3. Some 13% of boards have established cybersecurity-specific board committees.
4. Executive performance evaluations and compensation may be linked to ability to manage cyber risks in the future.
5. The role of the SRM leader will need to evolve to help business leaders make informed information risk decisions.
6. CISOs now have the opportunity to shape and influence information risk decisions.
7. The growth of insider threats is a growing concern for businesses, particularly regarding intellectual property theft.
8. Organizations should maintain a “least-privilege” environment and monitor for suspicious activity to counter insider threats.
9. The cybercrime landscape has become highly commercialized and nearly every aspect of the cybercrime toolkit is available for purchase.
10. Underground cybercriminal marketplaces are becoming increasingly commodified and operate like mainstream businesses.

Cybersecurity is now considered a business risk by 88% of boards, according to research by Gartner. With growing investor interest, public pressure, employee demands and government regulations, organizations are being forced to track and report their cybersecurity efforts as a business requirement. As a result, the role of the SRM leader is evolving to ensure business leaders have the necessary knowledge and capabilities to make informed information risk decisions.

The threat of insider threats is also on the rise, with Kroll’s 2023 Threat Report highlighting the growing commercialization and convenience of cybercrime. Underground marketplaces are now offering nearly every aspect of the cybercrime toolkit for purchase, including malware, phishing kits, and even OPSEC and scanning services. The commoditization of cybercrime is opening up opportunities for attackers of any skill level.

In light of these challenges, it is essential for organizations to ensure they are taking the necessary steps to protect against cyber threats. This includes paying close attention to staff access rights, monitoring for suspicious activity, and having clear instructions for employees.

As cybersecurity continues to evolve, it is crucial for organizations to stay ahead of the curve. If you are interested in learning more about how you can protect your organization against cyber threats, message us today for a consultation. #cybersecurity #cyberrisks #insiderthreats #cybercrime #riskmanagement.