The fear of becoming the next headline news for data security breach has kept more than one CEO up at night. However, their concern is not entirely unfounded. Recently, numerous corporate breaches have occurred which has served as a warning for executives. It is the responsibility of the CEOs to oversee the various elements that facilitate the success of their organization; in the modern, high-risk environment, this means assuming a more proactive role in the development and implementation of data security measures. If they’re unable to do so, it could be detrimental to the safety of company data as well as the tenure of the executive. To combat the problem, part of the plan should include multifactor authentication solutions which will help safeguard both the brand and the reputation.
Role of a CEO in Company Data Security
You should trust your IT team to fully protect your valuable data but only to a certain extent. You might think that your security team has everything covered, but that might not be the whole picture. The minute a breach takes place, your whole business operation suffers the ensuing fallout, ranging from the loss of shareholder and customer confidence to damaged brand reputation. Responsible CEOs never assume that their IT team has a handle on everything. Instead, they take active measures to keep track of and understand the way their assets are being kept safe.
Instead of looming over the IT team’s shoulder and micromanaging each decision, CEOs must make sure that their businesses are taking suitable measures to protect the corporate integrity while maintaining the bottom line. In the end, if the company‘s security is compromised, the CEO is the one who will be held answerable to the stakeholders and the media.
Develop a Vision for Company Security
Security remains a vital component of business success, and it is the decision makers within an organization who drive major developments in this aspect. If the upper management does not consider security a priority issue, the IT departments are bound to address security perfunctorily, concentrating instead on the projects associated with performance issues.
Need for Compensation
Money matters. One of the best methods to ensure the prioritization of security within a corporation is to offer meaningful incentives for its deployment and management. IT security teams must be properly recognized and compensated based on how effective they are at the job.
Multifactor authentication strategies allow for the mitigation of attacks like identity theft that threaten the confidence of users in the business. You must also consider the total cost of ownership (TCO) along with the ease of integration with cloud applications and remote access systems. The best solution is to consider factors that include high security, a low footprint, great value, and high automation.
Why Does Multifactor Authentication Work?
You can ensure the security of critical data through multifactor authentication. Every enterprise needs to consider this solution to prevent hackers from stealing digital information. Almost half of all fraud incidents in companies involve online transactions, and online service providers have begun to use SMS-based tools for the purpose of authenticating users. If it’s good enough for them, you should consider implementing the system for your business as well.
There is a popular myth that hackers concentrate just on enterprises and stay within the banking and retail industries. However, nowadays data breaches have spilled into other sectors like utilities, manufacturing, and transportation. Cyber attackers do not merely spill information, but they even alter services or programs and destroy data. Some of them even make use of servers to transmit spam, malicious code, or propaganda. The problem is that even with the presence of advanced firewalls, vulnerability tests, and anti-virus systems, hackers can access data in an organization. Multifactor user authentication is the only foolproof way toward them off.
A CEO’s role has expanded considerably as the threats to the data and reputation of an organization become more prevalent. The executives need to make sure that the business’ IT priorities are maintained. Stolen or weak user credentials remain the main entry point for hackers, and this is why you must include authentication in your organization’s security plan. Multifactor authentication solutions allow users to keep their data safe and secure. Moreover, it keeps the organization from hitting the headlines for the wrong reasons and provides the business heads with peace of mind.