A Guide to Executive Cyber Security Protection Business
We've got some great deals going on right now exclusively for our online customers... chat now to hear more! A guide to executive cyber security protection,Author: Phil Muncaster,by global CEOs according to a 2021 KPMG survey. Yet many executives may not realize just how close to home this threat is as awareness of the risks of cyber attacks may not translate into increased resources or cyber hygiene. Executive cyber security protection needs to balance the unique risk profile and elite working practices of the C-suite, particularly around . Cyber security for executives should be specifically tailored to help protect them, with aims to create a more engaged and cyber-aware C-suite. Security breaches and the impact to the organization,According to the , 82% of breaches involved the human element, including social attacks, errors and misuse. The ultimate goal of security programs is to reduce business risk, minimize financial and reputational damage, and enhance competitive advantage. What C-level executive wouldn't want those things?,However, half (49%) of C-level executives reported that they've over the past year. Another study claims that 38% of business decision-makers . This attitude may partly explain why so many executives themselves represent a growing risk to the organization. Why are executives targeted?What are the top threats executives face?,C-suite executives are therefore very much in the crosshairs of threat actors, making executive cyber security protection essential. Major threats include:,Business email compromise (BEC),Also known as whaling or CEO fraud, these fraud schemes target the C-suite. Hackers typically hijack an executive's email account through a phishing attack and then send an email to a member of the finance team requesting an urgent wire transfer of funds. There are various versions of these attacks, but they all rely on social engineering and leveraging the executive's authority to persuade the recipient to act without thinking. in 2021. Phishing,According to the , about two-thirds or 66% of breaches involved phishing, stolen credentials and/or ransomware. More traditional phishing emails are also a threat, particularly as executives work in a fast-paced, decision driven environment, which can lead to overlooking spelling errors, unusual sender domains and other telltale signs of impersonation fraud. In fact, personal assistants may actually be the ones who check inboxes and reply to emails. Unsurprisingly, C-suite executives' credentials are highly sought after, potentially unlocking the door to sensitive legal, financial and other corporate information. This information could be held to ransom, sold to competitors or even used to commit securities fraud. claims senior executives' and board members' . Deepfake fraud,Convincing artificial intelligence-powered fakes imitating audio or video could also be used to trick time-poor executives into making bad decisions. One case saw a to scammers after they impersonated his boss's voice over the phone. Exploitation of vulnerable devices/software/networks,High stress levels, little downtime and/or a general apathy to best practices when it comes to cyber security for executives may also mean that executives don't keep their personal technology systems patched and secure. This could leave them exposed to vulnerability exploitation through phishing or other vectors. Last year, ransomware group to steal sensitive data. Alternatively, hackers could target family members. Third-party cyber security risk?,It's not always the executives themselves that are to blame. Security vendor BlackCloak identifies a potentially unmanaged , who can become unwitting allies to cyber criminals. It brands data broker websites akin to Walmart for hackers, posing challenges to executive cyber security protection. The reveals that:,While the threat is certainly greatest from the cyber crime community, intrusions from state-backed actors can't be ruled out, especially if targeted companies are deemed strategically important to governments. The threat from nation states has arguably increased since the start of Russia's war in Ukraine. The U.S. Cybersecurity and Infrastructure Security Agency (CISA) is . Why do you need executive cyber security protection?,Targeting a C-suite leader may get hackers where they need to go faster, but ultimately the impact will be similar to any serious security breach and should reinforce the need for enhanced cyber security for executives. According to Dark Reading, "the , based on a survey of executives and security professionals at 550 companies, says the average cost of a data breach continued to rise in 2022, reaching an average of $4.4 million globally (up 13% since 2020) and $9.4 million in the United States.",Some or all of the following may apply following a security breach:,Many C-suite executives have stepped down or were fired following serious incidents. And it's not always only the cyber security executive in charge who goes. For example, in 2017, Equifax's after a data breach that exposed the Social Security numbers of approximately 143 million people. A few months later the . And it's not only breaches that precipitate job losses. The CEO of Austrian aerospace manufacturer FACC was that occurred on his watch. What should cyber security for executives look like?,Organizations can enhance their executive cyber security protection on several fronts by:," believes that BAS gives enterprises a robust set of features and functionality that not only help validate the effectiveness of the security controls put in place but also enable a more proactive approach to cyber defense by utilizing automation. This has become a common theme in security services, where the goal of becoming cyber resilient is predicated on the ability to continuously monitor the environment for threats in a proactive way and accelerate the time to remediate issues in order to minimize the impact to the business. Subsequently, we believe that BAS will become an important component of an enterprise's cyber defense strategy.",Executive cyber security protection is only one part of the , but an important one. By creating a culture that arms the C-suite with an understanding of the latest security risks and proactive measures, you can enhance cyber security for executives and help to drive a more coherent long-term security strategy. Because after all, cyber risk is business risk. Verizon can help you understand how your organization stacks up against threats. . IDC, April, 2021. If you'd like to receive new articles, solutions briefs, whitepapers and more—just let us know. . * Indicates a required field. We will follow up from your contact request using the information provided. Choose your country to view contact details. Manage your account or get tools and information. These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. 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