Cybersecurity is an ongoing issue costing companies trillions of dollars. 2024 statistics reveal phishing attacks increased by a stunning 4151% since the release of ChatGPT. IoT malware attacks surged by 107%, while data breaches cost companies $4.88 million, a 10% increase from the previous year. At this level, everyone needs to be on alert.

The growing impact of cybersecurity issues means CIOs can’t be the only ones accountable. A CEO must take the lead; not doing so can cost them their reputation and job. It’s scary, but the right approach can keep your systems protected.

The Reason Behind the Shift

In the past, CIOs were mainly responsible for cybersecurity. It was up to them to choose the right systems and ensure they reduce company risks. If there was an issue, they were held accountable.

However, with increasing risks, all executives must work together to maintain security throughout their company. A failure can bring down the company and its industry reputation. Here are some reasons why CEOs especially need to step up.

• It’s Your Systems: Cybercriminals don’t specifically attack the systems IT uses for coding and development. They target systems company-wide, including the ones CEOs use for emails, data analysis, and automated functions. A breach impacting your system will be traced directly to your activities.
• It’s Your Company: Poor security impacts every aspect of your company: finances, reputation, operation, and talent relationships. When something occurs, you ultimately need to answer.
• It Could Cost You Your Job: Cybersecurity attacks happen, but a major breach can be devastating. Stakeholders want to know who is accountable, and as the company’s leader, there’s no way to avoid at least partial responsibility. If handled well, there may be a happy ending. But in a worst-case scenario, you could lose your job and industry reputation, and the entire company could crash.

How CEOs are Stepping Up

Cybersecurity risks can be frightening, but CEOs will keep their company safe with the right strategies. Here are some to consider.

Create a Cybersecurity Culture in your Company

Cybersecurity should be more than an afterthought. CEOs must make it a part of their company culture. They can do this by:

• Offering training and classes: Train employees, teams, and leaders to spot cybersecurity issues and learn how to deal with them so they reduce vulnerability and catch problems before they get worse.
• Develop a Reporting Structure: Companies should develop a system encouraging internal stakeholders to report potential security incidents. Even a suspicious email can indicate possible larger threats.
• Encourage Accountability: Employees should understand the importance of accountability when security issues occur. They should be familiar with the consequences of cybersecurity lapses and be motivated to adhere to best practices.

Collaboration is Key

Growing cybersecurity risks have made security a company-wide effort. Collaboration is key.

• Work Closely with Your CIO: Although the CIO may no longer be fully responsible for your company’s cybersecurity, they are still a go-to expert. The CEO and all upper management should defer to them when issues arise and look to them for solutions.
• Encourage Company-wide Collaboration: Encourage company-wide communication about security issues. Check-in with department heads to learn about issues they may have encountered. Ensure they are implementing a reporting system.
• Third-Party Partnerships: Companies may also want to partner with third-party security experts and government agencies to glean insights to protect them from emerging threats.

Integrate a Risk Management System

Organizations should also integrate a risk management system. Here are some typical features.

• Protected Systems: Companies should invest in systems that offer in-depth security features, including encryption, intrusion detection, and endpoint protection.
• Use AI to Enhance Threat Detection: AI can analyze vast amounts of data at unprecedented speeds to quickly detect threats.
• Integrate Security and Network Operations Centers: Security operations systems (SOC) are a centralized hub for monitoring potential threats, offering identifying, assessing, and responsive capabilities. A network operations center (NOC) supports the IT infrastructure. Both work together to optimize security and network performance.
• Ongoing Monitoring: Teams must continue monitoring their system to identify, analyze, and assess risks, detect suspicious behavior and unauthorized access, and reduce vulnerabilities.
• Incidence Response Plan: Companies must devise a threat response plan ensuring risks are handled before they damage systems, leak essential information, and disrupt operations.

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