Every business leader understands that, when it comes to cybersecurity, the stakes are extraordinarily high. CEOs tend to take notice when they read headlines about yet another big-name company being victimized by a massive data breach or about industry forecasts suggesting that the annual cost of crime losses and damage will hit $6 trillion by 2021.However, does that mean top business leaders have meticulously prepared their organizations for a virtual worst-case scenario? The short answer: No.In fact, a report by insurance firm Hiscox revealed that 73% of 4,100 organizations surveyed were not well-prepared for a cyber attack. And this is not because organizations are failing to invest in security — in the same survey, 72% of firms said they will increase spending on cybersecurity in the year ahead.The first statistic above brings to mind the old saying that the first step to solving a problem is admitting that the problem exists. The second stat connects to the idea that trying to spend one’s way out of a problem is not the same thing as a solution.The challenges include the fact that:Strong cybersecurity demands strong leadership from the top; however, most CEOs are not cybersecurity experts, and the technical nature of the subject matter can sometimes make discussions about it feel like a foreign language.Communication between the CEO and top IT security staff needs to be stronger.Finger-pointing is not uncommon when things go wrong.Every employee in every organization is a potential weak point but also a cybersecurity defender.The nature of the threat evolves continually as attackers come up with ever-more sophisticated strategies to commit wrongdoing.So what can business leaders do to make ..
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