New Cyberattacks: The Threat Is Real
At a time when organizations might deal with everything from mounting supply shortages to continued pandemic safety concerns, the last thing any C-suite needs is to fret about mounting cybersecurity attacks. And yet experts agree that other significant disruptions are on the way, that all organizations are vulnerable, and that there is no foolproof defense. “It’s only going to get worse,” says Craig Stephenson, Korn Ferry’s managing director for the North America Chief Technology Officers practice.
By some estimates, a hack attempt occurs every 39 seconds, and the proliferation of internet-connected devices, organizations relying on old software, and even the increase of people working remotely will make it more challenging to squash all the attempts. Indeed, as the major hack of the US Department of Defense exposed last year, an organization can vigorously check its computer systems internally and still end up with externally purchased software that has been compromised. “Rather than companies securing their own perimeter, they need to secure an ecosystem,” says Freddie Montagu, a principal in Korn Ferry’s EMEA Technology Officers practice and a specialist in cybersecurity.
Normally, hackers will threaten to shut down an organization’s digital systems unless paid a ransom. The amount given to hackers—or adversaries, as they are called in the cybersecurity industry—is also on the rise. While individual ransom attempts vary wildly, Coveware, a ransomware-negotiation firm, reported that the average payout was $220,298 in the first quarter of 2021, up 43% from the previous quarter and close to the record high hit in the third quarter of 2020. The firm says hackers almost always deliver a decryption tool to the hostage companies or organizations once the ransom is paid. The United States government does not encourage organizations to pay a ransom, but many organizations do.
These days, most chief information security officers are realistic, says Tarun Inuganti, head of Korn Ferry’s global Technology Officers practice. “They say a hack is going to happen,” he says, adding that it’s up to the firm’s top technology executives to alert the board of the risks and the potential impact of a successful hack. It’s why these days, one of the most prized skills in chief information security officers isn’t their ability to code or find the right software package, but working with the C-suite and even the board to understand the issue.
Experts say it is primarily boards—not just management—that will have to step up, since directors must oversee the overall corporate risk and weigh the firm’s tolerance for it. To do that, they will need to understand that cybersecurity isn’t a problem that can be solved by throwing money or people at it. Some forward-thinking boards have added chief technology officers or chief information security officers as directors, a move that can help highlight not only the risks of cybercrime but help the entire board and management determine how much risk they are willing to take, Stephenson says.
To be sure, realizing your organization will get hacked doesn’t mean that a firm should just roll out the red carpet for the perpetrators. Security officers and other executives need to ensure all employees are trained to use basic security methods, such as logging in using two-factor identification and not opening strange-looking emails. (“If you don’t know it, delete it,” Inuganti says.)
Contributor: Craig Stephenson, Senior Client Partner, Korn Ferry CEO and edits by Cliff Locks, Investment Capital Growth, Managing Director, Board Member, and Executive Coach.
Cliff Locks is a trusted mentor, confidant, and advisor to CEOs, C-Level Exec, and high-potential employees to help them clarify goals, unlock their potential, and create actionable strategic plans.
Available to join your Board as a Certified Master Professional Board of Director and Advisor.
I am a trusted mentor, confidant, and advisor available by Zoom and by phone to be your right-hand man, who will make a significant contribution and impact on your way to success.
As a Trusted Mentor, Confidant, and Advisor, I support you, along with your company’s strategic and annual operating plan. This plan may include marketing, sales, product development, supply chain, hiring policies, compensation, benefits, performance management, and succession planning.
Most successful leaders enjoy talking to someone about their experiences, which is why most develop a close relationship with a Trusted Confidant—a person with whom they feel free to share their thoughts, concerns, and ideas without fear of sharing too much or being judged by the people they lead, or their colleagues and superiors. I am a sounding board who will help you to better develop and see your ideas through to fruition.
The most effective Executive find confidants who complement their strengths and sharpen their effectiveness. Bill Gates uses Steve Ballmer in this way; Warren Buffett turns to vice chairman Charlie Munger. In the end, both the Executive and their organizations benefit from these relationships.
As your trusted confidant, I am always by your side, holding your deepest secrets and never judging. Everything discussed is held in complete confidence.
What many executives feel is missing from their busy life is a trusted business person who understands the holistic complexity of both their business and personal life.
I strive to provide solid financial, business, and family expertise and serve as a dispassionate sounding board, a role I like to call “Executive Confidant.”
By holding a safe place for the Executive to work on life path issues as well as direction, I repeatedly see remarkable benefits as personal values become integrated with wealth and family decisions, enhancing a more meaningful life.
As an Executive Confidant, I welcome a confidential conversation about the most important issues facing the business leader, including:
• Strategic planning toward your visions of success and goal setting • Operations, planning, and execution • Career transition • Retirement • Legacy • Kids and money • Marriage and divorce • Health concerns • Values and life purpose • Vacations • Mentoring & depth of the executive bench • Succession planning
When I do my job well, I facilitate positive action in both your professional and personal life. This consistently has a positive benefit on impacting people within the sphere of your influence.
The job of an Executive can be lonely. For various reasons, confiding in colleagues, company associates, family members, or friends presents complications. Powerful, successful, and wealthy individuals often isolate themselves as a protective reaction because of their inability to find people they can trust and confide in.
Successful people are often surrounded by many people, yet they insulate and isolate themselves to varying levels of degree. This isolation factor is not often discussed in the same context because the assumption is that success and wealth only solve problems. The false belief is that it does not create more problems, when, in fact, sometimes it creates a unique set of new challenges. Success and wealth do not insulate you from the same pitfalls that the everyday person faces. It may give you access to better solutions perhaps, and that is what I can help you achieve. Financial business success can create unique vulnerabilities, often overlooked as most people feel that the “problems” of the wealthy are not real-life problems.
The Executive Confidant can be particularly helpful when:
• Aligning life priorities with the responsibilities of wealth. • Wanting more meaning and purpose in life. • Desiring a candid and experienced perspective. • The answers often come from within, and we cannot arrive at them easily. • Clarity often comes into focus, with skilled questions and guided discovery. The right questions can be the first step in achieving ideal outcomes.
Who can you turn to when you need to find clarity? Who is your “Executive Confidant”?
Referrals to a team members or family members are always welcome.
One-to-One – Individual payment: Strategic Coaching: $295 per month (weekly for 30 minutes to 1 hour depending on the depth of our conversation Zoom meeting).
One-to-One – Corporate payment:
i. Coaching & Leadership Development: $600 per month engagement (weekly 1 hour Zoom meeting).
ii. One-to-One Executive Coaching and Mentoring: $600 per month engagement (weekly 1 hour Zoom meeting).
iii. Increasing Top Team Performance and 1:1 Mentoring Sessions: $600 per month engagement (weekly 1 hour Zoom meeting).
iv. Planning New Futures for Senior Executives: $600 per month engagement (weekly 1 hour Zoom meeting).
i. Enhancing Boardroom Effectiveness & Executive Impact Group: Starting at $15,250 per annual engagement.
ii. Strategic & Operational Planning/KPI Development: Starting at $25,500 per annual engagement.
iii. Productivity Assessment & Profitability Improvement: Starting at $25,250 per annual engagement.
iv. Sales Channel and Product Development: Starting at $25,250 per annual engagement.
v. Energy and Sustainability Efficiency Initiatives: Starting at $18,500 per annual engagement.
Board of Directors or Board of Advisors:
- Private company:
- $25,000 to $45,000 per year, depending on the number of Board and Committee meetings.
- Public company:
- Under $50M in revenue: $25,000 to $45,000 per year, per year, depending on number of Board and Committee meetings.
- Micro: $50M – $500M in revenue (click for annual compensation)
- Small: $500M – $1B in revenue (click for annual compensation)
- Medium: $1B – $2.5B in revenue (click for annual compensation)
- Large: $2.5B – $10B in revenue (click for annual compensation)
- Top 200: Largest 200 in the S&P 500 (click for annual compensation)
Email me: Cliff@InvestmentCapitalGrowth.com or Schedule a call: Cliff Locks OptimizeLife #CEO #CFO #COO #BoD #CXO #Professionalpedia #TeamBuilder #success #beyourself #goals #lifeisgood #Influencer #Successful #Business #WorkLife #OfficeLife #Work #Office #Inspiration #Marketing #Tips #Leadership #BusinessIntelligence #InvestmentCapitalGrowth