How directors and board members can help defeat ransomware
We all know that cybersecurity is an ongoing war: security systems that are continually emerging versus ever more sophisticated attack techniques. While the threats have evolved, their primary attack vector for threats has not shifted. The most popular method used by hackers to be data parasite through ransomware includes phishing emails with emerging social engineering.
It is evident from time to time that ransomware remains one of the most common and dangerous types of such attacks. The harm caused by ransomware in 2019 was measured at 11.5 billion USD worldwide and is expected to grow to 20 trillion USD in 2021. The hazard is genuine, demanding some clear measures from those at the helm of affairs to minimize the risks.
When we talk about ransomware, we often assume local municipalities and school districts usually have no resources to combat ever more advanced cyberattacks. But businesses are being repeatedly targeted by hackers and cybercriminals, which is possibly why this problem has so often emerged at the Global Leaders’ Meeting of the National Association of Managers (NACD).
If anything, ransomware attacks targeting the company are probably underreported. Even if successful, public companies will not have to disclose such attacks unless data is stolen. If the data is encrypted and ransomed, reporting standards are probably not applicable. Therefore, cybersecurity needs to be a regular item on the Board’s agenda.
Checking-in your cybersecurity for a year or so is not enough. Boards and administrators must provide far more regular assessments of the cybersecurity posture of their company. This will encourage visibility, transparency, and coordination of business and security goals. The good news is that the trend is rising. The Gartner in June 2020 mentioned that boards today are more mindful of cyber risk, as only 15% of the board reporting has very little or no awareness of the cyber-risk compared to 22% in 2015.
Ask your security teams about their ransomware strategy.
You are not suitable to go if you are solely dependent on an antivirus solution. You cannot be just hopeful about the antivirus as most ransomware-hit companies already have an antivirus product.
Have your security team talks about the advanced endpoint technologies, patching, threat intelligence, enhanced email filters, restoration of an account, blocking outbound connections to the ransomware source, etc. This is when you are prepared to at least face the cyberthreats.
The truth is, all of this should be done, which is why many organizations look for Security as a Service (SaaS). The advantage of this strategy is that you do not need to hire new security skills, develop new capabilities, or incorporate new instruments. Instead, you hire a cybersecurity expert and leverage the service services as a commodity like other services. It
blends with anti-ransomware (and other security capabilities) and is frequently modified with your IT security service provider’s increasing knowledge and abilities.
Security awareness is a top to bottom process.
Culture always goes top bottom. Directors and senior managers from a community, through policies and procedures and set the right example by conducting themselves. It is not enough to be ‘conscious’ and consistent with training – improving the cyber behavior of those in the enterprise is crucial.
Besides, training workers on how to identify phishing emails is critical to make prepare aware. It all begins with crucial personnel following the rules themselves and providing the specifications to their team, including keeping strong passwords, enabling frequent password changes, and incorporating two-factor authentication.
Regular internal communications
Chief Information Security Officers (CISOs) must provide a mechanism to share other organizations’ security issues and prevent them. A consistent flow of such information will allow all workers to maintain a high knowledge of current network threats or, perhaps, organize routine communications.
Nurturing a cyber-aware company culture
Social technology tries to undermine the exploitation of psychological norms, such as obedience, to make employees give up sensitive information. One typical example is a phishing email, which looks like the CEO has sent it but requires funds to be transferred immediately to a new account. The way to combat such attacks promotes an atmosphere in which any higher-up orders can be prevented and reconfirmed.
Boards and executives need to create a cynical and challenging workforce to reinforce their human firewall without causing chaos. One way to do this is for board members and top managers to participate, particularly in phish detection, in cybersecurity training sessions with the staff. This not only increases their awareness of security problems; it also sends a message to all workers that cyber Security is a crucial part of the company’s culture.
Building cyber resilience is to incorporate a culture at the top level that comprehends the sensitivity associated with such matters. Remember, you cannot cultivate such a culture overnight. It demands continuous work and consistency in providing security information to workers within the organization. However, boards and management’s involvement will dramatically lower their cyber-risk level by implementing these actions mentioned above and creating a more cyber resilient workforce.
Computer Solutions East is a professional organization providing end-to-end cybersecurity services for the enterprise, including advanced cyber Security applied cybersecurity solutions and advanced security management. We breed a network of Advanced Technology and Intelligent Operations Centres that enable us to offer security innovation on a global scale.