Have you ever contemplated the vulnerability of your business due to potential oversights by an external IT partner or perhaps your diligent but overwhelmed IT team? Understanding this vulnerability is paramount.
This piece is your timely reminder.
The threat landscape of cyberattacks has evolved significantly in recent times. Gone are the days when these threats were mere inconveniences. Now, companies, irrespective of size and sector, face severe monetary losses, sometimes to the tune of millions. Alongside, the blow to their reputation and customer trust can be detrimental. For a few, it can spell the end; for many others, it implies prolonged revenue and profit setbacks.
Yet, a surprising number of CEOs and entrepreneurs relegate vital decisions about risk evaluation and compliance strategies to their IT teams, despite these issues surpassing typical IT responsibilities.
Consider this scenario: an employee disregards data protection guidelines and repeatedly flunks cybersecurity awareness sessions, jeopardizing your company. Should IT be the one to decide this employee’s fate? When did you last discuss with IT about monitoring and managing such issues? Probably never, or perhaps ages ago.
This is where the disconnect lies. While a majority of business leaders concur that IT shouldn’t be the sole decision-maker in these matters, they still primarily depend on their IT teams to navigate these complex terrains.
What’s more concerning is many top executives are oblivious to the necessity of having such policies. It isn’t inherently the role of IT to draft what’s permissible. That responsibility lies with the leadership.
Additionally, with the rising wave of cyber threats, many enterprises are opting for cyber liability and ransomware insurance. However, our findings indicate that several insurance representatives lack clarity on the IT stipulations essential for these policies. Consequently, they don’t guide their clients to coordinate with their IT units to ensure compliance, leaving them exposed to denied claims.
In the aftermath of a cyber incident, if a claim is rejected, where does the blame lie? With the insurance advisor for not enlightening you? Or the IT team for missing guidelines they weren’t even aware of? Ultimately, the onus falls on the leadership. Therefore, leaders should proactively make choices that safeguard their enterprises rather than passive default decisions.
While commendable IT partners will proactively advise on these issues, many are more engrossed in routine operations than in counseling clients on holistic enterprise risks and legalities.
To genuinely secure your business against cyber calamities, connect with our experts for a no-obligation discussion. Let’s jointly address your cybersecurity concerns and potential solutions.