Cybersecurity is fast becoming an area of strategic importance in today’s increasingly digital and connected world. With remote or hybrid work models becoming more and more the norm, organisations need to pay attention to ensuring that their systems remain safe and secure from both external intrusions as well as internal vulnerabilities.
In particular, the people in organisations who need to pay the most attention to cybersecurity are those in upper management, especially the C-suite executives. According to a 2018 report, 40% of companies from across the world believe that the CEO and all other C-suite executives represent the highest cyber security risk. More importantly, those holding C-suite positions are the ones most likely to be held accountable for any major security incident.
Top executives are targets of choice for cyber criminals primarily because they hold the keys to the kingdom, so to speak. Senior managers are often the ones with access to bank accounts and can authorise payments in the case of ransomware, for instance. They also have the highest level of access to sensitive and proprietary corporate information.
It is also the case that C-suite executives, alongside the board of directors, are responsible for enterprise risk management, and they are aware of the growing importance of cybersecurity. Over time, the role and weight of the Chief Information Security Officer (CISO) has increased. In 2018, a global survey by insurance brokers Marsh revealed that ~67% of senior executives ranked cybersecurity among their organisations’ 5 top risk-management priorities. Meanwhile, American CEOs ranked cybersecurity as their greatest external concern in 2019.
However, when it comes to personal best practices, the numbers are far less encouraging. According to the same 2018 Marsh survey, for instance, a mere 19% of respondents were highly-confident in their organisations’ ability to mitigate and respond to a cyber event, while only 30% had developed response plans. Another 2018 report from Code42 noted that 93% of CEOs keep a copy of their work on a personal device, 63% of CEOs click on links they should not have or did not intend to, and 59% of CEOs download software without knowing whether it is approved by corporate security.
This is where the need for extensive training and education is necessary, as well as engaging the services of cybersecurity experts. In Malaysia, this includes telecommunications companies such as Celcom.
Having partnered with SecurityScorecard, an award-winning cybersecurity risk rating platform; and LGMS, a top Malaysian cybersecurity consultancy, Celcom’s Cyber Risk Rating services offer organisations actionable, data-driven ratings, which can help strengthen the organisations’ security ecosystem, mitigate cyber risks, eliminate vulnerabilities, and meet compliance standards across different industries.
Cyber Risk Rating consistently monitors and assesses a business’s security ecosystem, using advanced analytics that rate the organisation’s security posture across 10 risk factor groups. Every month, the business will be provided both a summary and a detailed report regarding its cyber risk rating, with a report indicating any issues discovered bring provided on a monthly and quarterly basis. An on-demand detailed report can also be requested up to 6 times each year.
In addition, upper management and users alike will be provided cybersecurity awareness training on a quarterly basis (4 times annually). Celcom provides cyber risk remediation support, as well as 1-to-1 support from a cybersecurity expert. Through Cyber Risk Rating’s detailed, insightful, and easy-to-read reports, board members are able to make faster and smarter executive-level decisions when it comes to improving their organisation’s security and compliance.
This well-rounded offering from Celcom can provide both top management and IT with peace-of-mind that their organisations’ cybersecurity is in good hands, and that cybersecurity training is provided to those who need it the most.
For more information on Celcom’s Cyber Risk Rating, click here