The top 5 Cybersecurity Threats CEOs Must Understand

Ensure your business is properly protected from cyberattack

Navigating cybersecurity under normal circumstances is a challenge, let alone in an uncertain world where Covid-19 has caused a rapid shift to remote working. This shift has led to cybercriminals upping the ante by devising new and easier ways to manipulate people and hack into companies.

As remote working continues to expand, so too does the use of Cloud Solutions, This means CEOs need to stay proactive in order to protect their company and their people from becoming the next victim of a cyberattack.

In this blog, we explore the 5 cybersecurity threats CEOs need to understand so they feel confident that their company is properly protected in the event of an attack.

1) Social engineering

This involves cybercriminals manipulating people so that they divulge confident and sensitive information including passwords, bank details and computer access.

As businesses continue to use video conferencing applications and SaaS services like Dropbox, Slack, and Office 365, hackers are improving their impersonation skills with more sophisticated attack types – making it easy for people to fall for their tricks.

As a CEO, if you invest time in raising staff awareness around social engineering, it will make employees think twice before answering an abnormal request.

2) Ransomware and malware

This involves an attacker using software to deny a person access to their computer or system until a ransom is paid. These threats not only cost the company money but also have a huge impact on disrupting the company as you clean up the network and restore business operations.

Unfortunately, ransomware is on the rise. IBM’s 2020-2021 Data Breach Report shows that $4.24M was the average cost of a data breach in 2020 and that email was responsible for 94% of all malware threats.

You can get on the front foot by following our Essential Eight Cybersecurity Framework, as identified by the Australia Cyber Security Centre.

3) Supply chain attack

This involves a company’s system being intruded by a third party who has access to the systems and/or data. As digital supply chains are on the rise, so too are the opportunities for hackers to intrude.

This means it’s important for CEOs to be vigilant with software updates and security patches to minimise the risk of becoming a victim when working with third parties.

4) Insider threats

This involves the actions of employees, former employees, or company contractors who have access to critical company data and cause harmful effects through malice, greed, or plain ignorance. Insider threats are growing within small businesses as more employees have access to multiple accounts that hold more data.

As a CEO it’s important that you create a strong culture of security awareness, as this will help stop threats caused by ignorance or carelessness.

5) Password attack

This involves an attacker learning an employee’s password to login and access emails, documents, and other sensitive information. This type of threat is more of an issue for small businesses whose employees have weak or easily guessed passwords (e.g. birthdays).

A recent report from Preempt (a security firm) found that an average of 19% of enterprise professionals use easily guessed passwords or share passwords across accounts.

CEOs can help ensure employees are using strong passwords by providing Business Password Management technologies. These platforms suggest strong passwords that can’t be easily guessed.

Need help with cybersecurity?

CEOs must understand these 5 cybersecurity threats to feel confident that their business is properly protected from cyberattack.

The cybersecurity engineers at Grassroots IT are experienced and ready to help you create and maintain strong cybersecurity to protect your company.

If you’d like more information, get in touch with the Grassroots IT team on 1300 554 138 or contact us online.

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