Why CMO Should Know About Cybersecurity?
Apart from configuring cybersecurity measures, the Chief Marketing Officer (CMO) needs to be responsible for taking up cybersecurity practices within their organization. Cybersecurity breaches often coincide with the fact that the CMO is not well-prepared or aware of the whole functionality of cybersecurity. It is important to stay current on cybersecurity trends and threats. There is a hacker attack every 39 seconds; in the year 2018, there were about half a billion data breaches recorded. Government, retail, and technology are the top three cyber hacks breached in the year 2016; there was about 95 percent of records manhandled.
Knowledge about cybersecurity
Many business sectors are undergoing a digital transformation; it has become quite evident that the emerging technological advancements have precisely developed human behavior down the years. Cyber breaches and security hacks are now kept on top priority. Since CMOs are often completely unaware of the practices of cybersecurity measures, they find themselves in a hard position at the time of crisis management.
- About 22 percent of consumer product companies have CMOs, and most of them are getting engaged in the field of the cyber risk management team. There are many IP which can be stolen and can impact brand equity and its future. Vendors’ security is one of the most critical programs. CMO must not, in any case, leave a loophole.
- CMOs must examine all touchpoints within their consumer acquisition. Every marketing process deals with very sensitive data that must be stored with prior responsibility. CMOs must coordinate with the chief information security officer to ensure that there is no weakness at any stage of the marketing process. The CMOs should have excellent communicative skills with the IT department to check the security from time to time.
- CMOs should be champion in the creation and ongoing development of an integrated policy that ensures the latest security protocols implementation. They play an integral part in ensuring employees are well aware and educated on the best security practices of their company.
- If by any chance, an attacker manages to bypass necessary protection the company has implemented, CMOs’ first action will be to inform the IT department. CMOs are likely to instantly inform its customers about the situation while guiding them on how they will improve security shortly.
- A security breach can massively hamper the brand identity if a breach takes place; the trustworthiness of that brand diminishes and impacts the brand image. CMO provides a pivotal role in ensuring all the investors and trusted consumers by emphasizing them through word of mouth.
- Education is the key to protect your brand. Companies that have been victims of malicious cyber-attack must learn from previous experiences. CMO can hire a security consultant to provide specialized knowledge that can save money as well as the brand reputation.
Ways to prevent a cybersecurity breach
- Secure network
CMOs must be aware of every single connection between them and the rest of the wider web. By re-examining network services, CMOs must be able to cut down the risk factors dramatically. Instead, concentrating on efforts to keep data stored, one should ensure that all the networks are fully protected.
- Educate users
Educating other employees about cyber attackers is a better option to opt for. CMOs should provide their teammates with regular educational material and training to keep them conscious of cybersecurity.
- Malware protection
Malicious software refers to content that could harm the computer. Every time a document is uploaded or downloaded, CMOs must check if it’s picking up any malware and data breach. CMO’s must ensure that proper anti-virus software is installed across the company’s technology.
- Remote access
When CMOs are allowing their employees to access from a remote location, make sure risk-based policies are also taken into account. Keep those users aware of how they can use their devices safely and securely preventing any cyber-attacks and data breaches
- Monitoring the systems
Proper monitoring is hence an integral part of any cybersecurity plan. CMOs must keep a close eye on the status of every monitor; this may help to catch any attempted or actual attack fast and efficiently. In many cases, it becomes necessary to stay in touch with legal and regulatory requirements as well.
- Curbing out risk management
Having a clear risk management system across the entire company can become significant. Creating an easily understandable list of policies and good practices will make it easier for the rest of the employees in the organization. Everyone, including staff, contractors, suppliers who work closely with the company, needs to be clear on a risk management system to avoid unnecessary risk with company data.
- Configuration commitment
A systematic configuration across the company can bring a boost. Any functionality which is not to be used must be removed permanently and should take steps to resolve any known vulnerabilities.
Statistics
- Cyber attacks are mainly targeted to small scale business firms with about 43 percent penetration
- By 2020 cost of a data breach may count to $150 million
- Healthcare industry is affected by malware over more than 75 percent last year
- $6 trillion is expected to be spent on cybersecurity globally by 2021
- About 95 percent of cybersecurity breaches happen due to human error
- Most companies take tenure of 6 months to detect a data breach
- 27 percent share prices fall on an average due to cybersecurity
After understanding the cybersecurity breaches and role of CMO in handling these issues, it must draw points that well-connected communication within the organization is a necessary factor that can curb out silly mistakes which employees often commit. CMO plays an important card to handle all the risk management, in today’s date it becomes mandatory for any CMO to understand the basic integrities of cybersecurity because building a brand and maintaining its reputation both go hand in hand.