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C-suite Cybersecurity Gap Leaves Businesses Exposed

Posted on September 27, 2023September 27, 2023 By Martin Hinton

In the new era of remote work cyberattacks are finding a foothold. Leaving Small and medium-sized enterprises (SMEs) dangerously unprepared. A new survey has identified employees as key contributors to this cybersecurity shortcoming. The problem starts at the top. Over three-quarters of SMEs’ C-suite and senior managers admitted they have no confidence that their teams are operating devices securely.

C-suite: Failure At The Top

The research, commissioned by Cowbell, a leading provider of cyber insurance for SMEs, found the following;

  • 77% of SMEs are not confident that their employees’ own devices are operating securely with their business systems.
  • 89% are not checking with employees to ensure their devices are running the most up-to-date software.
  • 68% are not actively making their employees aware of the risks of using public Wi-Fi to access company devices.
  • 80% of businesses do not have a policy in place to push software updates.

“…businesses can find themselves wide open at every coffee shop and neighbourhood their employees work and visit.”

Cowbell’s VP and General Manager (UK), Simon Hughes

Cowbell’s VP and General Manager (UK), Simon Hughes, says: “Business leaders have been thrown into an ever-changing and complex landscape with regards to cyber threats, alongside having to navigate new business processes associated with a rapidly transforming world of work. Many have stepped up to keep themselves as robustly protected as possible. However, team-related behaviours and gaps in knowledge highlighted in our research are leaving businesses exposed, showing the need for continual monitoring and action. If employees aren’t regularly made aware of cybersecurity risks, such as public wifi usage, businesses can find themselves wide open at every coffee shop and neighbourhood their employees work and visit.”

Three In Four Don’t Train To Identify Cyber Incidents

The survey also revealed that 3 in 4 businesses don’t provide training on identifying cyber incidents. Catherine Aleppo, Cowbell’s UK Sales Director, says: “With reliance being increasingly placed on employees, there needs to be more focus on cyber awareness training. Business owners must give their staff the tools and education, and ensure they’re continually aware of how to protect devices and digital assets more robustly. By making training readily available, we as an industry are making an important first step to encourage businesses to adopt a cyber-smart culture, but the research shows, there’s still more work to be done.”

The survey findings are a stark reminder that SMEs need to take cybersecurity more seriously. Employees are not the only contributing factor to risk either. The C-suites are also lacking cyber awareness. By training all employees and by implementing basic security measures, such as software updates and secure device usage, SMEs can significantly reduce their risk of cyberattack.

Source: Lack of cyber education leaves businesses exposed, with inadequate risk prevention efforts making 3 in 4 SMEs a target

Other News: BOXX Insurance Expands Cyber Insurance Protection(Opens in a new browser tab)

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In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

🛡️ With a background in enterprise-level cybersecurity on Wall Street and a personal connection to small business through his family, Dan shares why Cork focuses on protecting small and mid-sized businesses from rising cyber threats.

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Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

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6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
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14:20 - The future of AI in cybercrime

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Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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