Reggie Dejean Director of Operations View Bio

cyber security ceo

Why Cyber Security Should Be on Your CEO’s Radar

Plausible deniability is no longer acceptable for Chief Executive Officers when it comes to responding to cyber attacks. As consumers expect and demand protection of personal data, they want answers from the top dog whenever a data breach occurs. Even with all the news about hacks of high-profile companies and big box stores, many CEOs still take a hands-off approach. There is a need to reverse this trend. And, since October is National Cyber Security Awareness Month, there’s no better time to point out 5 reasons why CEOs need to increase their level of understanding of—and involvement with—cyber security measures.

  1. Early, proactive involvement can minimize the impact of legal and financial issues. Setting visions and strategies for cyber security is just as important as planning for company growth and longevity.
  2. Budgets can be properly allocated to make fighting cyber threats more cost effective. Setting a dedicated budget allows company IT teams to put their best foot forward in protecting intellectual assets.
  3. Taking the lead ensures company-wide support. If a cause is important to the CEO, it is important to those down the organizational line. When there is a lack of support for fending off cyber threats by top executives, this laid-back approach can spread like wildfire and cause lax behaviors among employees in general and those responsible for managing IT security.
  4. Preparing and planning becomes a routine matter. Instead of taking a wait-and-see approach, a CEO that supports planning and preparation for a cyber attack establishes a culture of trust among stakeholders and employees. Plus, properly executed plans give consideration to the potential economic fallout and help negate claims of negligence should a hack or cyber intrusion occur.
  5. Stakeholders and consumers are demanding CEO accountability in preventing and responding to cyber threats. When these executives start early in the cyber security discussions, they are better able to respond and interact expeditiously with stakeholders in an informed and truthful manner, signaling they can help the company successfully rebound.

CEOs need more than distant participation and awareness about management of cyber security. Proactive CEO involvement paves the way for allocation of resources to conduct assessments and implement corrective actions that minimize threats, even when threats are due to employee actions or mistakes. Even if your CEO is among those that have cyber security on their sensors, now is the time to get the help you need to improve security measures. Our team of in-house cyber insurance specialists can help your CEO and other company personnel identify cyber security risks and provide potential solutions for mitigating risks. This includes putting in place the appropriate cyber insurance for your business.