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Top Cybersecurity Questions To Ask Your Board

cybersecurity questions to ask

It’s imperative for every business to implement cybersecurity measures. These cybersecurity questions to ask will help you develop a strategy. Not taking note of these cybersecurity questions to ask may result in consequences. 

Hackers are more determined than ever to steal data, especially that most people do their business online due to the pandemic. 

However, one of the main challenges in developing a strategy is C-suite executives often don’t have formal training in risk management. In fact, they don’t even know the cybersecurity questions to ask. 

You’ll read below some of the key questions and their importance. 

Why do I need to worry about information security?

The threats are very real and everyone can be a target. It’s not like what they portray in most movies where the hacker wears a hoodie looking at scrolling lines of green code. Many attacks are now automated.

For instance, Cisco reported that around 85% of all emails on the Internet are spam. This only means two things: either marketing or malware. Using spam filters is a great move as it stops around 85% of this spam. However, a few still go through unnoticed by your users. 

What are the biggest cybersecurity threats right now?

Ransomware and wire transfer fraud are among the most critical threats facing organizations. Ransomware is the use of malicious software or malware to encrypt data and critical system files. 

This makes the data and computers unusable without decryption. Yet, only the attacker has the decryption key and they will only give it in exchange for a ransom. Furthermore, attackers demand cryptocurrencies like Bitcoin as payment. Such a currency has a value from hundreds to millions of dollars. 

Moreover, this method has grown more sophisticated. Ransomers now have help desks, 24/7 technical support, and trained negotiators. They often target during off-hours. These developments have made recovery without paying the ransom very difficult.

Meanwhile, wire transfer fraud is when hackers infiltrate the funds’ transfer between entities. Hackers start by compromising an organization’s email system. Afterward, they will spend months searching for finance employees and waiting for a payment to compromise. 

When the transfer occurs, hackers will insert a second email asking to use the new account number. Many fall for this trap as unsuspecting employees think that the email is only for verification of transcription error. Multi-factored authenticated verification is the key to prevent these attacks.

Is our information technology department staffed appropriately?

This is a tricky question as the answer depends on your organization’s needs. Many factors affect the answer such as size, geography, industry, and more. Thus, you need to have a thorough understanding of the risk landscape where your organization operates. 

Do I need cybersecurity insurance? Is our cybersecurity insurance policy appropriate to our risks?

The answer to both questions is yes. Yet, many firms still don’t have one despite the number of cyberattacks increasing exponentially. 

Furthermore, it’s not enough that you simply have cybersecurity insurance. Make sure that you have the right insurance, even it means investing a quite huge amount of money. The coverage your company must get depends on the threats you face.