How to Meet Cybersecurity, Privacy, Risk Management Challenges

CIOs face growing challenges in cybersecurity, data privacy, and balancing the risks of innovation with expectations. Here’s how to meet those challenges.  

CIOs will face several daunting challenges this year, including issues around cybersecurity, data privacy and managing the risks of new initiatives. Smart CIOs, however, will find ways to meet these challenges and move their companies forward in 2020.

Top Cybersecurity Challenges Facing CIO in 2020

Cybersecurity

Ransomware and data breaches are two major threats to a secure system. An effective prevention strategy begins at the top executive levels with an assessment that identifies and analyzes risks. This is followed by the development of and enforcement of cybersecurity policy. Having a cybersecurity expert inhouse or outsourcing to a managed service provider who has one is another key preventive measure.

Other best cybersecurity practices include:

  • limiting access to the network to only what employees need to do their jobs.
  • requiring two-factor authentication, such as a password and a code texted to a mobile phone.
  • keeping an eye on those employees who have the most access.
  • training employees on how to keep their devices secure. This training should include a phishing simulation segment to help employees identify potential attempts.

Data Privacy

Data privacy remains a major issue for customers and state governments are continuing to strengthen laws to protect this privacy. The General Data Protection Regulation (GDPR) also applies to businesses that have data about anyone who lives in the EU and, among other things, regulates how businesses can use data for marketing purposes. Businesses can be fined if they fail to comply with these laws. Businesses also can lose customer trust, and consequently, sales revenue, if they share data with unauthorized sources or otherwise fail to protect customer data.

Best practices for meeting the data privacy challenge include:

  • create a forward-looking data policy. That means thinking ahead to future regulatory demands and create a policy around them. Many experts believe that Congress will adopt a regulation similar to GDPR within the United States. This means a company would need to establish a strong policy ensuring that user information is not gathered and stored without consent, as defined in the regulation.
  • design architecture that allows for data to be erased and forgotten across all environments, public, private and the cloud.

Risk Management

Technology is updated frequently and innovation into new areas, such as robotics, is ongoing. Finding the right balance between quick adoption of technology and the risks the technology will fail or cost more than expected can be challenging. One way to manage the risks effectively is to put the high-risk activities early in the project life so that if the project fails, it will do so before too many resources have been spent. Another tactic is to break the project up into several smaller projects and to fund and implement each one separately.

CIO Advise, an IT advisory service, can help businesses to meet all their IT challenges. They can help with cybersecurity, executive training, strategic planning, project management, and automation. They provide businesses across a wide variety of industries with C-level IT expertise. Schedule a free, no-obligation consultation today.