In today’s digital landscape, cybersecurity isn’t just an IT concern, it’s a core business imperative. Every company, regardless of size or industry, faces a critical choice: wait to react after a cyberattack strikes or proactively defend against evolving threats.
The stakes are high, and the risks are enterprise-wide, affecting everything from operations to finances to reputation.
That’s why businesses must adopt a holistic approach to cybersecurity, one that engages leadership, secures vital data, trains employees, and aligns spending with strategic protection. Let’s explore how to make that happen.
Start with leadership
Fighting the many cyberthreats currently out there calls for leadership. However, it’s critical not to place sole responsibility for cybersecurity on one person, if possible. If your company has grown to include a wider executive team, delegate responsibilities pertinent to each person’s position. For example, a midsize or larger business might do something like this:
- The CEO approves and leads the business’s overall cybersecurity strategy,
- The CFO oversees cybersecurity spending and helps identify key financial data,
- The COO handles how to integrate cybersecurity measures into daily operations,
- The CTO manages IT infrastructure to maintain and strengthen cybersecurity, and
- The CIO supervises the management of data access and storage.
To be clear, this is just one example. The specifics of delegation will depend on factors such as the size, structure and strengths of your leadership team. Small business owners can turn to professional advisors for help.
Classify data assets
Another critical aspect of cybersecurity is properly identifying and classifying data assets. Typically, the more difficult data is to find and label, the greater the risk that it will be accidentally shared or discovered by a particularly invasive hacker.
For instance, assets such as Social Security, bank account and credit card numbers are pretty obvious to spot and hide behind firewalls. However, strategic financial projections and many other types of intellectual property may not be clearly labeled and, thus, left insufficiently protected.
The most straightforward way to identify all such assets is to conduct a data audit. This is a systematic evaluation of your business’s sources, flow, quality and management practices related to its data. Bigger companies may be able to perform one internally, but many small to midsize businesses turn to consultants.
Regularly performed company-wide data audits keep you current on what you must protect. And from there, you can prudently invest in the right cybersecurity solutions.
Report, train and test
Because cyberattacks can occur by tricking any employee, whether entry-level or C-suite, it’s critical to:
Ensure all incidents are reported. Set up at least one mechanism for employees to report suspected cybersecurity incidents. Many businesses simply have a dedicated email for this purpose. You could also implement a phone hotline or an online portal.
Train, retrain and upskill continuously. It’s a simple fact: The better trained the workforce, the harder it is for cybercriminals to victimize the company. This starts with thoroughly training new hires on your cybersecurity policies and procedures.
But don’t stop there — retrain employees regularly to keep them sharp and vigilant. As much as possible, upskill your staff as well. This means helping them acquire new skills and knowledge in addition to what they already have.
Test staff regularly. You may think you’ve adequately trained your employees, but you’ll never really know unless you test them. Among the most common ways to do so is to intentionally send them a phony email to see how many of them identify it as a phishing attempt.
Of course, phishing isn’t the only type of cyberattack out there. So, develop other testing methods appropriate to your company’s operations and data assets. These could include pop quizzes, role-playing exercises and incident-response drills.
Spend wisely
Unfortunately, just about every business must now allocate a percentage of its operating budget to cybersecurity. To get an optimal return on that investment, be sure you’re protecting all of your company, not just certain parts of it. Let your Rudler, PSC advisor at 859-331-1717 help you identify, organize and analyze all your technology costs.
RUDLER, PSC CPAs and Business Advisors
This week's Rudler Review is presented by Josh Myers, Senior Accountant and Brooke Kramer, CPA.
If you would like to discuss your particular situation, contact Josh and Brooke at 859-331-1717.
As part of Rudler, PSC's commitment to true proactive client partnerships, we have encouraged our professionals to specialize in their areas of interest, providing clients with specialized knowledge and strategic relationships. Be sure to receive future Rudler Reviews for advice from our experts, sign up today !