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6 min read

5 Cybersecurity Issues Your Board Cares About at Year-End

Dec 13, 2023 1:53:00 PM

As the year-end approaches, the shipping and logistics industry faces a unique set of challenges. Cybersecurity and physical security are two of the most important issues that boards of directors must consider. In this blog post, we'll discuss five key cybersecurity issues your board should be aware of, how proactive monitoring can help prevent cyber issues, and how to build a reporting structure to keep the board informed. Read on to learn more about how to protect your business from potential cyber threats.

Want to know the top cybersecurity threats facing the shipping and logistics industry? Learn more on our blog.

5 Cyber Issues Your Board Cares About

As the year-end approaches, boards of directors in the shipping and logistics industry are most certainly aware of the pressing cybersecurity issues that come with it. These issues can range from data breaches to malicious attacks, all of which have an impact on the organization’s reputation and financial performance. It is therefore imperative that board members understand and prioritize these threats in order to ensure a safe, secure, and successful end of year.

In this article, we are going to discuss 5 cybersecurity issues that your board should be paying attention to during this period. By understanding these issues in depth, boards will be better equipped to take proactive steps toward preventing them.

1. Data Breaches & Attacks

The first issue is data breaches and unauthorized access attempts. Data breaches can occur when hackers gain access to confidential data stored by an organization or its third party vendors. Such incidents may result in the theft or loss of proprietary information as well as potential legal repercussions for affected organizations if they fail to comply with applicable laws and regulations. It is therefore essential for boards to ensure that their systems are adequately protected against such malicious attempts by implementing robust security measures such as multi-factor authentication (MFA) and encryption protocols.

2. Malware

The second issue is malware, which is malicious code used by attackers to gain access to computer systems or networks with the intent of stealing data or disrupting operations. In addition, malware can also be used for distributed denial-of-service (DDoS) attacks which flood a system with requests until it becomes overwhelmed or crashes altogether. As such, businesses should be sure that their systems are monitored regularly for any signs of infection so that prompt remedial action can be taken in response. Furthermore, organizations should consider investing in antivirus solutions that detect any suspicious activity before it causes damage or disruption to operations.

3. Phishing

Third on our list is phishing attacks – a type of attack wherein attackers disguise themselves as legitimate entities in order to steal confidential information from unsuspecting victims via email messages or other electronic means. Cybersecurity teams must therefore ensure that employees receive proper training regarding how to recognize phishing emails as well as other social engineering techniques employed by hackers so they know what precautions need to be taken when interacting with unknown parties online. Additionally, organizations should consider deploying anti-phishing tools that detect any suspicious activity before it reaches users’ inboxes thus preventing costly losses due to fraud or identity theft attacks.

4. DDoS Attacks

Fourthly we have DDoS attacks – another form of cyber attack where hackers send massive amounts of traffic at a target network in order disrupt its operations or cause it crash altogether due to overloads on its resources resulting from too many requests being handled at once. To counter DDoS attacks , organizations must deploy specialized services such as cloud-based firewalls which will filter out illegitimate traffic before it reaches their servers thereby reducing chances of disruption caused by such incidents. Additionally, having contingency plans ready beforehand helps minimize downtime during these situations thus allowing businesses continue working without interruption.

5. Ransomware

As a hot topic in all industries, your board is most likely nervous about ransomware attacks. A type of malware attack that locks your business systems, ransomware can not only steal valuable data, but disrupt business operations completely. The risks of revenue loss and reputational damage would give any business leaders nightmares. Ransomware can be prevented with excellent cyber hygiene, proactive monitoring, and thorough response plans. 

All these cybersecurity concerns require immediate attention from boards during this period so they can take proactive steps toward mitigating possible risks associated with them. Through careful implementation of appropriate measures, cyber teams can ensure smooth functioning business operations throughout year end without compromising either the safety and integrity of data stored within company networks, keeping your board happy.


Proactive Monitoring Prevents Cyber Issues

Proactive monitoring is essential for ensuring an organization's cybersecurity all year round. As year-end approaches, organizations should pay special attention to their cybersecurity risks, as they will be more vulnerable due to the many transactions and data sharing that happens this time of year. The board of directors for a business must understand the importance of proactive monitoring to adequately protect their organization from cyber threats.

Proactive monitoring involves actively tracking and managing potential threats so that they can be identified and eliminated before any damage is done. This includes regularly monitoring the deep, dark, and open web for malicious activity relating to your organization. It also involves auditing user accounts regularly to ensure that unauthorized access is not occurring. Furthermore, it requires implementing policies and procedures that will help prevent cyber attacks from happening in the first place, such as using strong passwords and two-factor authentication.

Organizations should also consider implementing tools such as intrusion detection systems (IDS), network behavior analysis (NBA) software, data loss prevention (DLP) solutions, or other automated systems to assist with proactive monitoring efforts. These tools allow organizations to detect suspicious activity or malicious code in real-time and take action before any damage is done. Additionally, organizations should use secure cloud environments whenever possible to better protect data from theft or destruction if attackers do gain access to internal networks.

Finally, organizations need to train employees on best practices for cybersecurity so they understand what types of activities are prohibited by company policy and how to identify potential threats when they arise. This can help reduce the risk of a successful attack by making sure everyone within the organization understands how their actions may affect cybersecurity efforts at large.

By utilizing proactive monitoring strategies such as these throughout the year, cyber teams can protect their organizations when businesses are most vulnerable at the end of the year. Boards of directors can ensure their organizations are well protected against cyber threats while still achieving their desired goals during this busy season. Investing in security measures now will save money down the road if your organization falls victim to cybercrime later on.

Building a Reporting Structure to Keep the Board Informed

Having a reporting structure in place to keep the board of directors informed is an essential part of maintaining trust between cyber teams and the board. As the year-end approaches, it is important for organizations to be aware of any changes that have been made and any new threats that may have arisen. A strong reporting structure should provide the board with timely updates on any cybersecurity issues as well as what steps are being taken to mitigate them.

The first step in creating a reporting structure is to define who should be included in the process. It’s important to involve all team members responsible for cybersecurity and ensure they have access to information they need to report back to the board. This includes IT professionals, compliance officers, and other personnel involved in managing cyber risk. Additionally, it is important for outside experts such as lawyers and consultants to be included so they can provide their expertise when needed.

Once all stakeholders are identified, each person should be assigned specific tasks related to monitoring and reporting on cybersecurity issues. This will help ensure that everyone is aware of their responsibilities and can properly communicate updates back up the chain of command. For example, IT staff might be tasked with scanning systems for vulnerabilities or malware while compliance officers might track policy changes or detect unusual activity on user accounts.

Finally, organizations should establish a reporting schedule that outlines how often updates should be provided and what type of information needs to be included in those reports. The frequency of reports will depend on an organization’s unique needs but could include monthly status reviews or quarterly summaries outlining progress against objectives set by the board. Additionally, reports should include any potential risks identified along with strategies implemented to address them so that the board can make informed decisions when necessary.

By creating a robust reporting structure and frequently updating the board on cybersecurity matters, organizations can remain proactive about protecting themselves from cyber threats during this busy time of year while still achieving their desired goals.

Topics: Blog

Written by Editorial Team