What does cybersecurity to board mean? How important is the information about this? These are the things we will answer in this discussion.
What Is Cybersecurity To Board?
Cybersecurity is not just a computer network. It is a part of the Internet and electronic communication.
Cybersecurity is a computer network defense mechanism against cyber threats like data breaches, cyber-attacks, and others. Soit is a process that protects your business, organization, and your data from security threats.
Cybersecurity to the board means that the board of directors and executives are informed about the cybersecurity threat. Its importance and how to maintain cybersecurity in their business.
Before we learn why cybersecurity matters to the board. Let’s have a look at some cyber threats:
Cyber Threats
A cyber threat is an attack, intrusion, or other action which can damage your business or financial status. Security threats like these can be:
Data Breach:
This is the exposure of sensitive personal information to unauthorized users. This can lead to identity theft and financial loss.
For example, when you pay for something online with a credit card. So you provide your credit card number and details to the vendor for payment processing.
But if the vendor’s database gets hacked or stolen your credit card details may be compromised which results in a data breach. The same thing happens when you use an ATM or swipe your credit card for payment.
Where the data is stored on another computer system or server which is vulnerable to cyber threats.
Ransomware:
Ransomware is malware that has been programmed to lock up your files. Until you pay money to a hacker who placed it on your computer.
It prevents you from accessing your files till you pay a ransom amount to the hacker who has placed it on your computer.
Cyber Attacks:
These attacks are carried out by hackers by sending harmful viruses/malware into your computer systems. This is through e-mail attachments, infected websites, malicious software downloads, etc.
These attacks are very harmful as they try to steal private information stored in your computer. Such as usernames, passwords, and other sensitive information.
That can lead to identity theft or financial loss. For example, there are viruses known as ransomware that lock up all your files until you pay ransom money to the hacker.
Those who placed them on your computer system (as explained above). There are also spyware programs that use keylogger technology.
That steals personal information such as usernames/passwords from different websites, applications of computers (including yours).
Cybersecurity Matters To Board?
Now you must be thinking why does cybersecurity matter to the board. Let’s have a look at the main reasons for which cybersecurity is important to the board:
Financial Losses:
Any business can suffer from cyber-attacks and data breaches. But these are not mere profit losses.
These losses can be much worse. These can lead to serious financial loss or even bankruptcy.
As the hacker may steal your customer’s database or other sensitive information. So your customer database may get compromised which can lead to financial loss as well as reputation loss.
Costly legal action:
In case there is a data breach, then it requires legal action against the hacker or vendor who caused the data breach. This leads to huge legal costs and expenses for the company/business owner.
Technical costs:
After a cyber-attack occurs, it requires technical resources and manpower for rectifying the situation.
Loss of business opportunities:
Businesses face a loss of opportunities due to cyber attacks as their customers will start losing trust in them. After such attacks occur leading to loss of business opportunities etc.
