While more companies are starting to add high-level people in positions like Chief Information Security Officer (CISO) or Chief Information Officer (CIO), it’s not quite a universal position yet. Right now, almost less than 50% of all companies have a designated CISO in charge of their cybersecurity.
NXTsoft wanted to offer a solution that can help companies of all shapes, sizes, and industries stay one step ahead of the cybercriminals. Unfortunately, it’s usually the small to mid-size companies that have the most to lose when it comes to cyberattacks, mainly because of the following 5 reasons.
1) Small - Midsize businesses struggle to find one to hire
CISOs are hard to find because these people represent the perfect hybrid of someone well-versed in technology and business skills. It’s the yin-yang of hard tech skills balanced with the diplomatic skills of working with people to make sure the necessary steps happen to keep a company cybersafe.
CISOs usually have several years of experience and tend to be concentrated in large companies where they can advance and gain prominence. Smaller organizations might not be able to offer them the kind of visibility that they might seek.
2) Small – Midsize businesses struggle to pay them enough
As I mentioned before, Glassdoor estimates that the salary for the average CISO is around 163,276 a year. That’s a fairly large amount of money for someone with a very special (yet crucial) set of skills.
Trying to do more with less is usually a good strategy but not when it comes to cybersecurity. If you can’t entice someone to come work for you, then that leaves your company exposed to a potential data breach or cyberattack.
Small – midsize businesses don’t have always a surplus of money lying around when it comes to budgeting for cybersecurity. Sometimes, all they can hope for is to cross their fingers and hope that they don’t get hacked, but that’s another problem because…
3) Hackers don't favor big companies over smaller ones
Cybercriminals don’t really care how big a business is. They tend to cast a wide net and whatever group is most vulnerable usually ends up in the crosshairs.
Target is a large company by almost any measure. Way back in December 2013, Target admitted that hackers stole at least 40 million credit and debit card numbers plus 70 million client accounts. Now granted I wouldn’t immediately think of a company that listed $71.3 Billion in sales that year as a prime target, but that doesn’t matter.
“It doesn’t matter whether or not a company is as big as Target. The reality is that every organization can have a bulls-eye on its back when it comes to cyberthreats.”
If there’s even the smallest crack in the defenses of a company’s cybersecurity program, hackers will figure it out. Pretty soon, your entire company will be flooded with ransomware, viruses, or any other variety of destructive cyber problems.
4) Even one data breach or cyberattack is too many
A single cyberattack can easily disrupt a company’s operations or even worse make it go out of business for good. For small - midsize businesses, there’s a very strong chance that their business will go under in the next 6-8 months. That’s because they don’t have the resources to deal with the fallout that follows a cyberattack. A single data breach sets off a cascade of problems that would be difficult for a company like Target to move on from, much less a business that’s trying to stand on its own two feet.
Some of these “fun” topics include:
· Dealing with the public relations fallout that will damage your trustworthy reputation
· Grappling with legal issues like a potential class-action lawsuit for negligence
· Working to see if your insurance company can actually cover the data breach incident
· Plus many other time-consuming issues that you'd rather not deal with...
5) Everyone needs someone in their corner giving them advice when it comes to cybersecurity
At the end of the day, CISOs let everyone else at a company focus on the business without having to constantly look over their shoulder. Cybersecurity is a lot like oxygen. It’s nice when it’s there, and we don’t have to worry about it. But we don’t realize how valuable oxygen and cybersecurity are when they’re not there and suddenly we’re gasping for breath or scrambling to remove ransomware from the network.
As Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.” In the case of dealing with cyberattacks, taking preventive measures like installing a CISO can significantly reduce the likelihood of a cyberattack forcing you out of business.
If you want an extra set of eyes watching for potential cyber threats, then check out NXTsoft’s vCISO program. We can help your company (no matter the size or industry) develop and maintain a robust security system. This secure system will reduce your organization’s overall risk posture and ensure that you meet regulatory requirements.
Get more information here about vCISO!
Get more information here about vCISO!
If you’re interested in learning more about what we can do to keep your company safe from data breaches or cyberattacks, contact us at firstname.lastname@example.org or 1-800-915-3381.