Professional Though Leadership Articles

Title: Cyber Risks: A Call-to-Action for Businesses Introduction Cyber risks have become an increasing concern for businesses worldwide. With the increasing reliance on technology and the internet, cyber threats have become more sophisticated and dangerous. As a professional writer or journalist, it is crucial to understand the latest trends in cybersecurity, regulatory requirements, digital and technological developments, talent management, and the critical role of the board and management in mitigating cyber risks. In this article, we will explore these seven sections to help businesses take action against cyber risks. Why is it important now? In today's digital age, cyber risks have become more pervasive and dangerous than ever before. According to Cybersecurity Ventures, cybercrime will cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015. This staggering figure highlights the importance of taking action against cyber risks. Additionally, the COVID-19 pandemic has increased cyber risks as businesses have shifted to remote work, creating new vulnerabilities for hackers to exploit. Latest trends One of the latest trends in cybersecurity is the rise of ransomware attacks. Ransomware is a type of malware that encrypts a victim's files and demands payment in exchange for the decryption key. According to Cybersecurity Ventures, ransomware damages are expected to reach $20 billion by 2021. Another trend is the increase in phishing attacks, where hackers use deceptive emails or messages to trick individuals into providing sensitive information. Shift in regulatory requirements Regulatory requirements have also shifted in response to the increasing threat of cyber risks. The EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have increased accountability and transparency for businesses that handle sensitive data. Failure to comply with these regulations can result in significant financial penalties. Recent digital & technology development Digital and technological developments have created new opportunities for businesses but have also increased the risk of cyber threats. The rise of the Internet of Things (IoT) has created new vulnerabilities as more devices become connected to the internet. Additionally, the adoption of cloud computing has increased the risk of data breaches as sensitive data is stored outside of a business's physical control. New challenges in talent management The cybersecurity talent gap is a growing challenge for businesses. According to Cybersecurity Ventures, there will be 3.5 million unfilled cybersecurity jobs by 2021. This shortage of talent has created a competitive job market and increased the cost of hiring and retaining cybersecurity professionals. Critical role of the Board and management The board and management play a critical role in mitigating cyber risks. They must establish a culture of cybersecurity awareness and allocate resources to ensure that cybersecurity is a top priority. Additionally, they must develop and implement a cybersecurity strategy that aligns with the business's overall strategy. Call-to-action Businesses must take action to mitigate the risks of cyber threats. They should implement cybersecurity policies and procedures, train employees on cybersecurity awareness, and regularly review and update their cybersecurity strategy. Additionally, businesses should consider investing in cybersecurity insurance to protect against financial losses in the event of a cyber attack. Sources: Cybersecurity Ventures: https://cybersecurityventures.com/ EU General Data Protection Regulation (GDPR): https://gdpr.eu/ California Consumer Privacy Act (CCPA): https://oag.ca.gov/privacy/ccpa Internet of Things (IoT): https://www.iotforall.com/ Cloud computing: https://www.salesforce.com/cloud-computing/ Cybersecurity talent gap: https://cybersecurityventures.com/cybersecurity-workforce-shortage-to-reach-3-5-million-unfilled-jobs-by-2021/