Cybersecurity The Insights You Need From Harvard Business Review

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Cybersecurity The Insights You Need From Harvard Business Review

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It Is Time We Treat Cyber Security In The Same Way We Treat Workplace Health And Safety (whs)

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Cybersecurity isn’t a fancy word or an annoying reason to change your password every two months. And not a 14-year-old hacker in his parent’s basement, people have “mysterious” Bitcoins or CryptoKitties, an NFT game where people have spent over a million dollars on virtual cats. Cyber ​​attackers can be very clever and organized, sometimes even government agencies.

Cybersecurity The Insights You Need From Harvard Business Review

The reality is that cyber security affects us all, from hacking baby monitors or smart lights to catastrophic events like shutting down nuclear power plants or attacking critical city infrastructure like hydropower. Communication has certainly improved the lives of millions of people around the world, but it is also one of the biggest threats to life.

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Many debate the effectiveness of cloud security and argue that on-premise infrastructure is the only way to ensure 100% security. But with 46 billion connected devices in 2021, maintaining legacy applications is even more difficult.

To understand the real threat of cyber security in the cloud and how leaders can plan to prepare for and manage future cyber incidents, I’ve rounded up the Harvard Business Review’s top 10 cyber security approaches.

According to the State Cyber ​​Security 2021 Report, cyber attacks have increased by 31% since 2020, and the average budget spent on security technologies has increased by 85%.

As companies report preventing more cyber-attacks each year, the number of attacks has increased, and so has the cost of damage caused by successful attacks. The average cost of a cyber attack is $133,000, and the total cost of cybercrime is expected to exceed $6 trillion by 2021.

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In 2018, one of the most powerful reminders of the threat of cyberwarfare was a potentially devastating attack on a Saudi Arabian petrochemical company. This attack was not designed to steal critical data or shut down the facility; It was supposed to cause an explosion that killed the workers. The only reason a lethal attack fails is because of a flaw in the attacker’s code, not because of the security software.

Using the cloud improves operational efficiency, but can also ensure the security of critical infrastructure such as water treatment plants or military operations. A less efficient on-premise infrastructure is more expensive to the company, but in the end the security or higher efficiency of the cloud.

Cyber ​​warfare is a real threat that poses a serious threat to the government. China has even removed companies such as Cisco, McAfee and Citrix Systems from its list of approved suppliers to protect against potential cyber warfare.

Cybersecurity The Insights You Need From Harvard Business Review

Many managers do not believe in security and potential attacks. Research by risk management firm Strokes Friedberg (now Aon) found that only 45 percent of managers are responsible for protecting their companies from cyberattacks.

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Why did the councils J. According to Yo-Jud Cheng and Boris Groysberg’s article on how to deal with cyber threats, leaders can improve their cyber security awareness by applying these best practices:

Even if you’ve invested in the most advanced security software, your employees are your number one threat, but they also turn out to be your greatest strength in the fight against cyber-attacks. IBM reports that 95% of all security incidents are the result of human error, often from an employee clicking on a link in a phishing email. However, the only reason organizations are aware of attacks is because employees report phishing emails. Better to train every employee like the CISO, every email looks like a phishing scam.

CEOs hold quarterly town halls or report financial gains and losses in the hands of employees, but rarely ask the CIO or CISO to report how many phishing attacks have been prevented or what percentage of employees have completed the latest upgrade.

In his article The Key to Improving Cybersecurity: Keep Employee Policies Simple, Maarten Van Horenbeek offers four simple ideas to increase your employees’ willingness to deal with common data security issues:

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When a company takes a security-only approach that doesn’t align with its strategy, it’s called blocking the business. This approach creates frustrated and unproductive employees, which often lead to ineffective safety practices. For example, when an employee is asked to change their password every two months, many often find it difficult to find a new password, so they change only one letter or one number. Implementing technology like Google’s Titan Security Key can add more security than changing passwords frequently.

Another example of business blockchain security is not creating a standard protocol for new productivity-enhancing technologies like Dropbox. For example, a company decides to block these websites without a standardized and reputable tool. In this case, employees often find other, more secure tools, which leads to shadow IT, which poses greater risks.

Dante Dispart and Chris Furlow in “Investing in Cyber ​​Security is the Best Education”; They describe three harsh realities of cyber attacks:

Cybersecurity The Insights You Need From Harvard Business Review

Although experts disagree on the definition of active defense, throwing backs should not be part of your defensive game. An aggressive defense strategy includes a proactive defense strategy that prevents hackers from attacking your infrastructure and attacking your business.

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Robert M., founder of Dragos Industrial Security Company. Lee says, “Hitting back isn’t really active defense. It’s often illegal and sometimes very ineffective.” In the face of heightened awareness of cyber-attacks, the ethics of launching a proactive defense must be considered.

Cyber ​​security is now an increasing focus of governments such as air, land, sea and space. The US military prepares contingency plans for simulated military attacks, including a “day without space”. This is to ensure that their GPS or PNT satellites are operational if they are hit by an asteroid or cyber attack.

Businesses should prepare for a “day of service,” including simulations, including one where AWS Region suffered a major service outage last week, where hackers hold your data in the form of a ransom note.

Why the entire C-Suite needs to use the same metrics for cyber risk, Jason J. Hoggs recommends that companies create multi-pronged disaster plans that include multiple measures. The first step should be preparation, identification and analysis. Then comes isolation, elimination and recovery. It then recommends filling out post-event reports to measure the success and failure of each simulation.

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