The year 2021 saw hackers continue to take advantage of security flaws and vulnerabilities while demanding payment in exchange for the return of confidential data and information.
Among the most significant data breaches last year was the deployment of the Conti ransomware through a phishing email opened by an unsuspecting employee back in mid-March 2021. The target: Ireland’s Health Service Executive (HSE).
The ultimate payload incident happened in early May — about two months after initial access was established. During that time, the COVID-19 pandemic was still ongoing. The ransomware attack compromised the HSE health service computer system and caused a significant disruption in the delivery of medical services.
According to HSE chief executive Paul Reid, the cost of the data breach was estimated to exceed £85 million or around $92.2 million — even when they refused to pay the £15 million ($16.2 million) ransom demand.
Although such incidents highlight the significance of developing and adhering to a strict cybersecurity strategy, some CEOs still fail to prioritize it. So why do CEOs seem not to care about cybersecurity?
Here, we dissect the reasons and provide counterarguments.
They feel cybersecurity is being handled by their IT team or service provider.
Information technology (IT) is a broad term. You may have an in-house IT team that handles everyday helpdesk matters, enterprise solutions deployment, and your CRM system. However, they may be ill-equipped to handle cybersecurity or high-level threats. Even your IT service provider may have a limited scope of services that may not include cybersecurity.
Therefore, it’s crucial to be clear and specific about what services/solutions your IT partner is capable of providing, and cybersecurity should ideally be at the top of the checklist. If not, it may be high time to look elsewhere.
They don’t view cybersecurity as a priority.
Sad but true, some CEOs view cybersecurity as an add-on or a last-minute expense. Sometimes, they only decide to invest in it when news of cyberattacks starts hitting closer to home.
This way of thinking is not only counterproductive but also potentially disastrous, as data loss or breaches can affect the financial status of a company. Aside from this, companies that experience cyberattacks without the proper protection face the loss of credibility and reputation. They may also become an easy subject for future attacks by other cybercriminals or hackers.
They think that their company is too small to become a target.
Just because you don’t run an enterprise company doesn’t mean you’ll be exempt from cyberattacks. Wrong. Remember, with cybersecurity breaches, it’s usually not a question of whether you’ll get attacked but when it will happen. Most smaller businesses can’t afford the level of protection as their larger counterpart, and no one knows this better than cyber criminals.
Nearly half of cyberattacks target small businesses. And since only a tiny portion of these businesses has cyber liability insurance and the capability to recover financially from such incidents, a significant data breach can mean a temporary or permanent business closure.
They see cybersecurity as an impossible game of catch-up.
Some CEOs are aware of and even embarrassed about where their company stands regarding cybersecurity. However, rather than taking a proactive approach by investing in cybersecurity, they prefer to leave their company’s survival to chance.
They don’t fully understand the risk of not having a cybersecurity solution or strategy.
A lack of understanding of the impact of cybersecurity on their business can prevent even the most astute CEO or businessman from seeing cybersecurity as a high-priority matter. Therefore, it’s essential for everyone — from high-level executives to ordinary employees — to know the importance of cybersecurity, including adhering to set policies and undergoing security training.
Achieve your goals and secure your business with GB Tech
Cybersecurity is an essential component of any business, regardless of scale. Investing in it means protecting your company from data and network security breaches that can lead to catastrophic consequences.
This is why it’s crucial to partner up with a complete IT solutions provider like GB Tech that takes the time to get to know the inner workings of your company to come up with the right strategy to protect and grow your business. Contact us today.