Why Cybersecurity is a Business Challenge: A CXO’s Outlook

Mr. Asheet Makhija, COO, Techjockey.com, shares his insights on the emerging challenges businesses face through cyber threats.
As we’ve become deeply entrenched in the digital world, we have come to realize that cybersecurity is not just a technical issue but a pivotal business challenge. And this is why we believe this and how it impacts us all, especially in the leadership roles.

Facing the Reality of Cyber Threats

Let’s look at the numbers,  they’re quite alarming. In 2022 alone, there were 623.3 million ransomware attacks globally (SonicWall), a 13% increase in ransomware breaches over the last five years. The average cost of these attacks is a staggering $4.54 million, excluding the ransom.

The 2016 debit card breach involved over 3.2 million debit cards that were compromised. Major banks like SBI, HDFC, ICICI, Yes Bank, and Axis Bank were affected. The financial implications included card replacements, refunds, and increased security measures, alongside a loss of customer trust in the affected banks’ digital security measures.

These figures aren’t just statistics; they represent real threats to our businesses’ financial stability and reputation.

The Complications of Remote Work

The shift to remote work has undoubtedly made things more complex. Employees working from home or public places might use unsecured Wi-Fi networks, and these networks lack robust security measures, making data transmission vulnerable to interception attacks.

Then there are other complexities such as:

• Lack of physical verification and direct communication among team members results in phishing attacks. 
• Increased use of personal devices with zero to a minimal level of security.

These complexities are an opportunity for attackers, which hence increases the attack surface.

Have you heard that the average cost of data breaches during remote work is $1.07M higher than traditional ones (IBM)? And 20% of companies had security breaches caused by working remotely during the pandemic (Malwarebytes). This new fact makes us reconsider and redesign our cybersecurity policies.

Navigating Third-Party and Supply Chain Risks

The globalization of modern business presents severe third-party and supply chain risk. Attacks by third parties have increased to 44% to 49% annually (Ponemon Institute), and nearly half of organizations have experienced a breach by a third-party vendor within the last year (Ponemon Institute).

The cyber risk that businesses face is no longer in their immediate control as they are increasingly dependent on external partners and suppliers. This requires critical management and control.

Harnessing AI in Cybersecurity

Here’s what’s positive – AI in cybersecurity is a game-changer. AI can potentially save organizations up to $3.81M per data breach.

For Example:

• AI can detect anomalies that signify potential security incidents, and it can also isolate infected systems or block IP addresses.
• AI continuously learns and adapts to new threats.

Moreover, AI and automation enable us to detect and contain breaches 27% faster. Embracing AI is not just an option but a necessity in our fight against cyber crime.

The Rise of Zero Trust

” I am a Proponent of the Zero Trust Model “

By Asheet Makhija, Chief Operating Officer

Zero Trust Model is imperative. Here’s why:

It could save nearly $1M in average breach costs compared to traditional security models. Sectors dealing with sensitive data, like banking, finance, IT services, and healthcare, have shown the adoption of Zero Trust Models. This approach is rapidly becoming an essential element of advanced cybersecurity strategies.

The Challenge for Us as Leaders

One of our greatest challenges is to persuade our CEO and other executives that we urgently require huge investments in cybersecurity. We should apply information and practical examples to show the actual effect of cyber threats and the importance of proactive security.

Key Takeaways

• Cybersecurity is integral to our business strategy.
• Remote work increases cybersecurity risks.
• AI and Zero Trust are indispensable in modern cybersecurity.
• We must actively manage third-party and supply chain risks.
• As leaders, it’s our responsibility to advocate for adequate cybersecurity investments.

Conclusion

The cybersecurity environment is dynamic. As leaders, we should be aware of these challenges and provide them with the necessary resources. Think of cybersecurity as an investment towards the future of our company, its assets, reputation, and trust. In other words, cybersecurity should not be ignored, as it is like leaving your front door open in a high-crime neighborhood. It is not a question of whether an incident is going to happen, but when.