CEO’s Fail to Protect Customers from Hacking

Posted on February 15, 2018 by Admin

2016 was a banner year for hackers successfully targeting businesses worldwide. And 2017 is set to overtake it for first place, if you believe the Identity Theft Resource Center. Company CEOs are increasingly under fire for dropping the ball on adequate cybersecurity. Huge hacks or small ones, it’s consumers who ultimately pay the price. Just having a bank account or credit card puts consumers in a situation they have no control over. Time and again, countless hacks from Equifax to Uber happen on a regular basis. It seems the little guy, the one who puts his faith in the company to protect his information, is fighting a losing battle. Perhaps it’s worse to know that most hacks are avoidable.

It’s clear that business leaders need to do much more. Failing to learn from other hacks is inexcusable and consumers and lawmakers alike are taking notice. Allegedly intelligent and insightful industry leaders have our best interests in mind. Many agree that ignorance and lack of action by CEOs is at the heart of the security problem.

These are some of the issues identified:

Not knowing a security problem exists.

Most CEOs claim they’re unaware of vulnerabilities in the company’s cybersecurity and therefore could do nothing to stop a breach. Wherever they place the blame, it’s clear that CEOs are quick to place the responsibility on others, rather than on themselves.

Slow response to a hack

Waiting weeks or months to announce a security breach, CEOs are slow in letting their customers know about it. The longer sensitive information is floating in cyber space, the more likely it is that cybercriminals will grab it. The race to put your vital information for sale on the Dark Web is on. It’s clear that consumers are personally paying the price of waiting for a CEO to act.

Protecting customers is not a priority.

CEOs need to have a plan in place to protect customers before a security breach happens. Failure to provide one starts at the top. Once a hack happens, not giving customers adequate tools to battle the loss, or some type of compensation, should be a given.

It may seem like it can wait.

However, cybercrime is on the rise and leaders at all levels have a responsibility not only to their employees, but also to customers and clients. It’s time to start paying attention and taking action, and it’s fine to say that you just don’t have information at a given time. However, promising to get to the bottom of it can go a long way in gaining and keeping employees and customers loyal.

Posted in Cybersecurity, Social Engineering