Why is Cybersecurity everyone’s problem?

What is cybersecurity?

Cybersecurity refers to the practice of protecting an individual or an organisation from digital attacks and threats. Threats can take several forms like malware attacks (ransomware, viruses etc), phishing or even fraudulent text and are usually made in order to steal data and sensitive information or extort money. 

Why is cybersecurity important for a business?

In today’s world, where the internet is omnipresent and almost everything is now done digitally, cyberattacks are growing and are more and more sophisticated. Whether it’s with small or big companies, cybercriminals spare no one. In the last 5 years, big corporate names have been victims of cyber-attacks, quite often resulting in data breaches or ransomware (Yahoo, Facebook, Acer etc). The majority of companies victims of attacks are of the web and tech sector, yet a number of industries have been touched, from finance to retail or even hospitality. 

The increasing cost of cybercrime is also what makes cybersecurity a hot topic. Purplesec (a cybersecurity consulting firm), gives some alarming figures in their latest report, estimating for instance, that cybercrime is up 600% because of Covid-19 pandemic, that the global annual cost of cybercrime is estimated to be $6 trillion per year or even that the average cost of a data breach to small business can range from $120,000 to $1.24 million. 

How to implement a culture of shared accountability for cybersecurity in a business?

Even though cybersecurity is more and more considered by executives as a business problem and not only an IT risk, people still tend to consider that the accountability for cybersecurity related practices falls into the hand of the IT department alone. 

It is, however, important to understand that cyber attacks can affect anyone in a business, so it’s a proper teamwork to protect the business and work in a secure environment. This can be done through training, and also effective communication. 

Gartner, following their 2021 survey on Cybersecurity, suggests tips to share accountability between IT managers, business leaders and the rest of the company: 

Share cybersecurity decisions

Involving business leaders by presenting them options in terms of cybersecurity investments and policies, explaining to them the risks and costs associated and involving them in the decision-making process will make them more likely to accept responsibility. 

Communicate the optimal balance of risk, value and cost

Share with each department of one company the value, risk and cost associated with their willingness (or lack of) to address and act on cybersecurity related subjects.

At MA, to address the importance and urgency of cybersecurity, everybody has been trained on the subject and receives regular tutorials and refreshers online via a dedicated platform. 
And If you work on cybersecurity, data, legal or are just looking for your next opportunity, check our careers website for our latest internal and external vacancies! 

Sources:
www.cisco.com/c/en_in/products/security/what-is-cybersecurity.html
purplesec.us/resources/cyber-security-statistics/#Cybercrime 
www.gartner.com/en/articles/whose-job-is-it-to-manage-cybersecurity-hint-stop-pointing-at-the-cio