9 [Worrisome] Reasons Executives Need to Act on Cybersecurity Risks, Now

Data from Statista Research indicates cybersecurity spend in the United States alone is expected to reach $66 billion dollars in 2018. When you extrapolate that number out on a global basis, you understand just how much money is being spent to protect worldwide businesses against cyber attacks, and the exponential implications that follow. 

One emerging target for cybercriminals are executives and C-suite leadership. Data continues to show that those criminals are increasingly targeting executive leadership with everything from operational disruptions to data theft and employee & executive impersonation. Understanding executive risk has become critical if you hope to proactively protect your company against vulnerabilities — and that understanding should be leading to action. Here are 9 reasons you need to act sooner than you think. 

1. Cyber Threats are Fiercely Rising 

According to the 2018 Symantec Internet Security Threat report, there are significant cybersecurity threats on the rise. C-suite executives and company leadership that fail to address these disastrous threats are putting their companies in extreme danger and potentially opening themselves up to liabilities from affected parties.

2. It’s a Looming, Top Concern 

According to data from Statista Research, 51% of utility executives surveyed indicated theft of sensitive company data was a top concern. While this survey was specific to utility executives, the findings are relevant to cross-industry C-level executives. Other top cybersecurity concerns included theft of intellectual property/company data, cyber ransom, and defacement of company digital properties like websites.

3. Odds are, you’re at risk

A 2017 study commissioned by Microsoft found 92% of computers (Asia Pacific region) using non-genuine software were infected with malware. Executives need to understand the impact digital downloads by their employees can have on their company's cybersecurity. From BYOD (bring your own device) smartphones to unauthorized software and applications, e.g. productivity apps, malware poses a significant threat to organizations of all sizes. It just takes one mistake from anyone at your organization and the vulnerability is created for the attacker to get in.

4. Travel

Commercial smartphones, laptops, and tablets are engineered to enable a private & public communications network that is simple, easy, and seamless. However, this convenience comes with the trade-off of reduced security and privacy. Secure communications company, Glacier Security, stresses that whenever a device connects to a network, it becomes vulnerable to security flaws in that network. These flaws can enable compromise of the device as well as interception of communications to and from the device. 

5. The Downstream Implications are Massive

Knowledge of and/or failure to prevent data breaches can be costly for executives. Yahoo's data breach cost Marissa Mayer millions in planned bonuses and resulted in Yahoo's top lawyer being dismissed. Executives not taking adequate measures to protect their companies from harm could face serious repercussions for their actions, or the lack thereof. 

Still not convinced? Take a look at Deloitte's Beneath the surface of a cyberattack when showing scenario implications of a breach on a US technology manufacturer:

6. Attacks Are Occurring More Frequently

According to the KPMG/Harvey Nash 2017 CIO survey, more than half of large organizations surveyed indicated they had suffered cybersecurity attacks in the past two years, including companies in the telecommunication and education sectors.

7. High Net-worth? You’re a Prime Target

If you think your personal security as an executive won't impact your business, think again. A chief executive at a Swedish security firm had his personal identity stolen and was eventually declared bankrupt due to fraudulent loans were taken out with his stolen identity. High net-worth individuals are prime targets for hackers and this includes business executives and company leadership.

8. The Quantum Threat

The experts at ISARA, a quantum-safe security solutions company, shared that a large-scale commercial quantum computer will be available within a decade — where there’s the potential of positive advancements that follow (material design & AI), the Quantum Threat is one to not gloss over.

“A sufficiently large quantum computer, if built, would be capable of undermining all widely-deployed public key algorithms used for key establishments and digital signatures.” — National Security Agency (NSA)

9. IoT, Supply Chain, Mobile & More 

If these numbers don't convince you of potential cyber attacks on your organization, there's a good chance you might be burying your head in the proverbial [cyber] sand — don’t get stuck in there, folks:

• Global Internet of Things (IoT) attacks are expected to see a 600% increase
• Crypto-jacking, 8500% increase
• Supply chain malware, 200% increase
• Mobile malware, 54% increase

The data paints the worrisome picture that cybersecurity risks continue to loom for C-suite executives, leadership, and company management. The concerns are increasingly real and failing to address the rise of cyber attacks is no longer an option. Taking proactive measures to protect both yourself and your organization is a necessity.

Is your organization doing anything to proactively prevent cyber attacks? I'd love to hear your comments, below.

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Tom is a serial entrepreneur, commerce expert, and proud Baltimore native. He is Senior Director of Product Innovation and Business Development at the Hawkins Group, one of the leaders in executive global cyber strategies, serving both federal and commercial markets. Tom also covers cross-industry innovation and trends with his Inc. Magazine column, Innovating Disruption.

You can connect with him directly or reach him via email: tom (at) rhawkinsgroup (dot) com