We hope that this story-driven philosophy will resonate with managers, C-suite executives, boards, and other employees in India and around the world, encouraging them to adhere to cyber-security best practices in a world that is becoming increasingly digital
In a decade, there has been a huge ascent in devastating cyber assaults, including the AIIMS and SBI cyber assaults, NotPetya, and the Colonial Pipeline assault, which has hit establishments responsible for basic non-military personnel frameworks around the world. The age of work-from-home after Covid-19 has seen a rise in this trend. These establishments work in different areas, like money, energy, well-being, retail, and transportation. The majority of businesses worldwide still do not implement technology-controlled employee behaviour that reflects a strong cyber-security posture within the organisation, despite an increase in cyber-security awareness. This is primarily since a majority of C-suite executives do not view cyber-security as a requirement for business success and instead place more importance on shareholder interests and business productivity.
Ironically, in the computerised world, digital protection is essential for upgrading business coherence and efficiency. The majority of C-suite executives in small and medium businesses (SMBs), which account for approximately 90 percent of global industries, appear to be unaware of this fact. Worldwide IT/IoT-driven businesses face an annual cyber-loss market valuation of more than a trillion US dollars, and this valuation is constantly rising. To effectively combat the risks of a security breach in an organisation that could directly affect its market advantage over competitors, the C-suite must create, implement, and promote intra-organisation policies that penetrate deeply into the consciousness of all stakeholders.
[This article has been published with permission from IIM Calcutta. www.iimcal.ac.in Views expressed are personal.]