Share To Care On Cybersecurity

By Tamas Kadar

It’s difficult for CEOs to manage the growing threat of cybersecurity across their businesses, especially considering more pressing company concerns. That’s why some forward-thinking business leaders are establishing frameworks for shared cybersecurity responsibility.

Cybersecurity: Dealing With The New Normal

The dramatic rise in cyberattacks following the Covid-19 pandemic has caught many businesses off-guard. Clearly, the cyber world has become a much riskier place since the pandemic. In fact, according to data sourced by ThoughtLab, cyberattacks increased by 300% over that period, leading to data breaches in around 20% of all businesses worldwide. For CEOs, the growing threat demands a response. For some corporate leaders, however, it can be difficult to figure out exactly how to best address the challenge.

While doubts about the best course to take may linger, one thing that is certain is the need for action. The aforementioned ThoughtLab report also highlighted that cybercriminals can now penetrate 93% of company networks. This issue is being further compounded by uncertainty within the global economy. To this end, our Global Recessions Index suggests that economic downturns also accelerate rates of fraud and cybercrime. As such, the time for business leaders to act is now, but this action needn’t be handled entirely solo.

What Is Shared Responsibility?

Many CEOs are choosing to adopt models of shared responsibility when looking to uphold cybersecurity protocols. This inventive model can be approached in several ways depending on the nature of the business and its specific cybersecurity concerns. For example, a CEO may choose to delineate some cybersecurity responsibility to their company’s IT division or, alternatively, may choose to establish a system where cybersecurity responsibilities are managed by individual departments.

Similarly, CEOs may choose to hand off part of their business’s cybersecurity responsibilities to a dedicated expert in the field such as a major cybersecurity firm or an online fraud prevention company. Regardless of the specific approach, the general aim of the model is to shift responsibility away from one person and, thus, a single point of potential failure. In turn, by spreading this responsibility among team members or to outsourced staff, the process of managing cybersecurity becomes naturally replete with more checks and balances.

What Are The Benefits?

The logic driving the shared responsibility model is relatively straightforward. Naturally, people care more about aspects of work they feel ownership over. By spreading the load, staff members are simply forced to care more about cybersecurity issues than they would if the issue was solely being dealt with by somebody else. Moreover, by involving more people in the process, businesses can create internal working cultures that place a greater emphasis on the importance of upholding effective cybersecurity practices

As a CEO, you still have complete visibility over the process. However, by sharing responsibility, you’re able to partially remove one task off your plate—which can then help to provide the needed space to work on other important business matters. In doing so, CEOs can prioritize tasks that are more suited to their skill sets. What’s more, should business leaders choose to adopt a shared responsibility model, which includes input from an external cybersecurity business or from their own internal IT division, then they’re often delegating responsibility to individuals more knowledgeable than them on this subject.

What Are Some Key Tips?

The appeal of the shared responsibility model for cybersecurity is obvious, especially for CEOs or businesses without explicit cybersecurity expertise. However, business leaders in this position must remember that achieving shared responsibility is a process and not something that can be guaranteed overnight. Similarly, it’s an approach that necessitates consistent work across a business as well as effective oversight to ensure protocols are being implemented in the manner needed to generate satisfactory results.

Above anything, however, shared responsibility is a model of management that requires clear and effective communication. For one, staff must have clarity on the specific cybersecurity responsibilities placed on them or their department. Likewise, clear goals and targets need to be established and worked toward as a way of tracking progress. Finally, it’s essential that those with new responsibilities are given the confidence—as well as a suitable forum—to raise any cybersecurity concerns or issues they may have.

Shared Responsibility: A Problem Halved

CEOs and business owners now need to reemphasize the importance of cybersecurity management. Thankfully, the shared responsibility model of cybersecurity management can offer a great solution to this challenge. Hopefully, by following the tips mentioned in this article, businesses can implement the system and ensure maximum success.