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A guide for CIO and CISO to be business drivers while combating ransomware in computer systems2023 and the year before were dominated by cybersecurity breaches and data leaks, albeit with higher intensity and frequency. From corporate data leaks to the leak of critical personal information of Indian citizens, the scenario was further intensified with more businesses activating their online mode of operations. Till June 2023, The Indian Computer Emergency Response Team (CERT-In) had already observed over 600,000 cyber security incidents in India, of which about 12,000 incidents were related to government organizations. As per ‘The State of Ransomware 2023’ report by Sophos, 82% of Indian companies suffered a ransomware attack in 2023. Alarmingly, the cost of recovering from the impact of a ransomware attack in India tripled in 12 months, going up from US$1.1 million in 2023 to US$3.38 million in 2023. The report indicates that India is one of the most affected countries witnessing ransomware attacks. Let’s begin by understanding the expected impact that key government regulations are likely to have on India Inc. next year. India’s new National Cyber Security Strategy, likely to be released in the first half of 2023, will lay down a basic cyber security framework for every business to implement. To address key cybercrime and cyber security formats in 2023, CIO and CISO would need to face up to the challenges and ensure cybersecurity systems can pre-emptively address attacks before they become major incidents. Ransomware attacks will continue to target both business organizations and personal users of the internet. CIO’s or CISO’s cannot make the mistake of treating ransomware attacks like any other cyber-attack. To prevent a ransomware attack from encrypting data, a CISO will have to use AI/ML-based Anomaly Detection and Malware scanning techniques.Multi-Factor Authentication and AI-based authentication tools will become the order of the day in 2023. Cloud Access Security Broker (CASB) is an excellent counter to ransomware for companies using cloud services for data storage. More and more companies will accept zero-trust architecture for their cyber security requirements in 2023. Companies will deploy capabilities based on the principle of ‘Never trust, Always verify’ i.e. treat every user, device, application, workload, and data flow as untrusted. They must be validated before access to an enterprise resource is granted, even for a legitimate operation like encryption. Increased automation of corporate data can eliminate risk points and better support a zero-trust strategy. As companies become aware of the need for data protection, their leaders are likely to increase the adoption of encryption; which will find its way into organizations’ basic cyber security architecture in 2023. This will have a ripple effect, and we can expect newer and updated applications providing data encryption solutions to be launched for businesses in the coming year. One of the most disruptive technologies in decades, blockchain technology will be at the heart of shifting from a centralized server-based internet system to transparent cryptographic networks. AI has matured from an experimental topic to mainstream technology. As a result, 2023 will see better accessibility of Artificial Intelligence (AI) based tools for creating robust cybersecurity protocols within an organization. In addition, we expect the new lineup of technology tools to be more cost-effective and yet more effective than ever before. Last but not least, 2023 will see a mix of remote work and on-site physical presence, thereby continuing with the trends of cybersecurity adapted during 2023. Employees hear fewer warnings about cybersecurity in the home setting, making it harder for them to make good security decisions. This is more pronounced, especially with modern Bring Your Own Device (BYOD) arrangements with many asymmetrical devices and networks. Tech leaders will have to ensure the configuration of endpoint management to enable infosec teams to protect organizational data from being accessed from anywhere (internal or external). Additionally, newer techniques such as Digital Distancing will find their way for better cybersecurity in the hybrid work model. Technology leaders ought to pay close attention to upcoming trends and challenges in the cybersecurity landscape to not just survive but thrive in the future. 2023 is expected to usher in another wave of complexities in the security sector. India-based corporates will have to be prepared to evolve operations to stay ahead of new risks. Industry must build new adaptability and flexibility into their security processes to improve their overall risk mitigation requirements. Author
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Types Of Business Insurance Risk
Running a business is inherently risky, and while you can’t protect your business against every threat it faces, it’s important to protect yourself and your company in any way possible. Purchasing business insurance is a way to mitigate risk and protect your company against unforeseen events. Here’s a look at the concept of risk in business insurance, how insurance companies assess risk and what you can do to reduce risk as much as possible.
What is an insurance risk?As a business owner, you’re likely familiar with how to file an insurance claim. But many owners aren’t aware of how insurance companies view risk and how this factors into your coverage and costs.
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How do insurance companies assess risk?Insurance companies assess risk through underwriting and claims data.
The insurance company gathers relevant data.During an insurance applicant’s review process, underwriters use objective and subjective information to assess the risk associated with the applicant. For example, does the business have a security system (objective information)? Does the building look secure (subjective information)?
The underwriter also gains objective information from computer-generated loss runs, meaning it looks at your business’s claims history and experience rating mods and worksheets. For instance, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) says it provides a merit rating percentage to qualified policyholders. “The rating percentage is calculated based upon the policyholder’s audited payroll and losses for three consecutive policy periods, as reported to the WCIRB by the policyholder’s insurance company,” the bureau notes.
The data-gathering process might be specific to the insurance coverage being sought. For example, the property underwriter may obtain an Insurance Services Office (ISO) property report. Your underwriter will also evaluate business-specific data. According to Elliot Whittier Insurance, your insurance underwriter may review:
Payroll data
Sales data
Vehicle counts and/or mileage data
A description of your operations
Information about the officers and owners of the company
Information about job duties, names of subcontractors, certificates of insurance for subcontractors, and tax documents
What data does the business need to track?Elliot Whittier Insurance recommends that business owners track time and payroll for different work and job categories, which allows for the lowest workers’ compensation premiums that still protect both workers and the company. In addition, it offers the following suggestions:
Get certificates of insurance for your subcontractors, including general liability insurance and workers’ compensation.
Ensure a responsible and informed individual is present and available for onsite audits.
If you own a restaurant, keep tip records.
Inform your agent right away of any significant changes to your payroll, whether they’re increases or decreases.
The insurance company issues a rating.After the insurance company gathers all the relevant data, the next factor is rating. The rating system assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant’s potential claim.
Underwriting will sort applicants into groups (risk pools) that present similar risk levels and then accept, deny or limit coverage for each applicant group. Underwriting sets a rate for each pool based on claims data for the group’s applicants. If a pool has claims data with higher average losses, it will have higher assigned premiums.
FYI
Underwriting is not a one-size-fits-all approach. Each insurance company has its own determining factors when evaluating a pool.
What are the types of insurance risks in business?Now that we’ve examined how underwriters deny or limit coverage for a group of applicants, here are some examples of common insurance risk types in business.
What are the costliest claims?Below is a list of the costliest claims reported for small businesses, according to claims data from insurer The Hartford. [Learn more about this provider in our in-depth review of The Hartford.]
We also include suggestions for the business insurance coverage type that could help mitigate this risk. (Be sure to check for policy restrictions or coverage waivers.)
Reputational harm: Average claim cost is $50,000. Consider reputational harm (risk) insurance or commercial general liability insurance.
Vehicle accidents: Average claim cost is $45,000. Consider commercial auto insurance.
Fire: Average claim cost is $35,000. Consider a business owners policy (BOP), commercial property insurance (business hazard insurance), commercial fire insurance or business interruption insurance.
Product liability: Average claim cost is $35,000. Consider product liability insurance.
Customer injury or damage: Average claim cost is $30,000. Consider a BOP or commercial general liability insurance.
Wind and hail damage: Average claim cost is $26,000. Consider commercial property insurance (business hazard insurance).
Customers slipping and falling: Average claim cost is $20,000. Consider a BOP or commercial general liability insurance.
Water and freezing damage: Average claim cost is $17,000. Consider business property (business hazard) insurance.
Struck by object: Average claim cost is $10,000. Coverage depends on where the incident occurred and if the injured party is an employee or a third party. Consider workers’ compensation insurance, general liability insurance or a BOP.
Theft and burglary: Average claim cost is $8,000. Consider a BOP or commercial general liability insurance.
These recommended policies are examples, but it’s critical to check with your insurer for policy details and speak with an insurance agent to address your specific business needs.
Did You Know?
A business owners policy often combines general liability, business income insurance and commercial property insurance into one policy.
How To Preserve Collaboration As Your Business Grows
As your business grows, a solid scaling strategy is critical to maintaining high standards of customer service and ensuring effective collaboration across team members.
This is particularly true in today’s new normal, where more and more employees are working from home. To keep moving forward without disruption, you’ll need to focus on expanding your collaboration tools to help your team work together — from near or far.
Here are a few suggestions to help you fortify collaboration across an increasingly dispersed workforce:
1. Optimize access to team membersEquip your team with the right tools, such as project management platforms, chat-based workspaces and internal social media platforms. The most successful workplaces unite people, conversations and content — along with relevant digital tools — so they can collaborate easily and productively. These solutions should seamlessly bridge the virtual and the physical to strengthen the sense of connection and predictability associated with remote work and telecommuting.
2. Unify your communicationsMissed calls can be a major source of revenue loss, and this risk increases if your team continues to spread out. For field-based teams, a unified communications (UC) tool can improve customer satisfaction by ensuring every call is answered — connecting them to a relevant available representative even when the sought-after employee is away from their desk.
Easy, straightforward communication is key, not only to avoid losing customers but also to keep remote team members fully connected. With the right UC tool, you can implement a diversity of automated processes to ensure calls get to the right people. One such possibility is hunt groups, which continually forward a call down a prioritized list until it’s answered. You can also use extension dialing for quick access to specific team members, even while they’re away from the office.
3. Automate workflows to increase efficiencyThe average employee spends over 3 hours a day on easily automated tasks, which diminishes employees’ focus and bogs down their collaboration efforts. Digital solutions that use automated workflows and process intelligence can help your team spend less time on manual processes and more time generating unique insights.
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For increased efficiency, consider investing in mobile-friendly, cloud-based tools for workflow integration and process intelligence.
4. Increase collaboration with customersThe explosive demand for mobile solutions and cloud computing is as relevant to small and midsize businesses (SMBs) as it is to large enterprises. Cloud collaboration and cloud-based tools can give small businesses more satisfied customers and efficiency gains, which help level the playing field with their larger competitors.
Cloud-based mobile apps that unite businesses with their customers can also boost customer satisfaction by centralizing communications and accelerating workflows. When companies and customers collaborate online, team members can respond to requests effectively in real-time, with quickly sourced information.
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Top 3 Cybersecurity Measures To Ensure Safety In 2023
As the year ends, cybersecurity continues to remain top-of-mind for business owners around the world. The year marked an increase in the amount of fraud perpetrated against small businesses, however, especially small- and – midsize companies (SMBs)
A report from Interpol from earlier in the year revealed that cybercriminals have been expanding their own strikes against goals from individuals and tiny companies to significant corporations, authorities and crucial infrastructure. Since emphasized by Wall Street Journal, ransomware and malware strikes also have been growing drastically.
There are various factors responsible for the noticeable growth in cyber fraud and malware attacks this past season, however, the simple fact that the majority of people are and are working in the home is very likely to be a significant contributor.
Additionally, there have been lots of disruptions in how companies function, hence making it much easier for poor actors to convince folks to depart from the established protocol. Here are three approaches you can adopt to protect your company going forward.
Top 3 Cybersecurity Measures to Ensure Safety in 2023 1. Keep your systems safeMany cyber attacks come in the kind of software that’s installed in your systems through one kind or another, and you’re able to lessen the dangers of such attacks radically by simply ensuring you have the correct antivirus software installed and upgraded.
The latter section is very important since there are new viruses being developed and marketed online daily, and when your antivirus software isn’t kept up-to-date, it may only skip a part of malware.
It’s also important to create normal backups of important information and also to possess strong passwords set up across all your devices.
Sometimes, all it requires an attacker to obtain access is one apparatus utilized by a team member deploying a poor password or failing to avail themselves of multi-factor authentication on accounts and devices.
Also read: Top 10 IoT Mobile App Development Trends to Expect in 2023
2. Internet security training and processesEven though the frequent perception of hackers is they sit facing tracks with extended lines of green signal running their displays since they utilize brute force attacks to drive their way to a target community, that’s not really true in several cases.
These days, many cybersecurity attacks come in the kind of social engineering utilizing carefully crafted calls and emails made to deceive your employees to allowing access to the hackers by installing malware or committing up certificate on pages controlled by hackers.
“Businesses have to be conscious of social engineering strategies and educate all their employees about the best way best to identify and fight them,” states Joseph White, CEO of LookupAmerica.
“Something as straightforward as mandating that employees take some opportunity to cross-check the sender via an email, or if a telephone number was marked as spam from other consumers, may significantly lessen the odds of a successful assault.
Also read: Top 10 Helpful GitHub Storage For Web Developers
3. Conduct regular auditsJust like with any other sort of audit, the goal of cybersecurity audits is to assess your documents to find out whether there are any red flags that indicate whether any portion of your system was compromised.
Additionally, the audit must include a summary of your administrative procedures and personnel behaviour to find out whether there’s anything that has to be shifted to further protect your systems and protect against compromise later on.
Ordinarily, you would have to hire professionals to do so, however, the cost is well worth it to stop cyberattacks that are successful.
Aside from checking for malware and vulnerabilities normally, crucial things to watch out for include if your payment methods are PCI-DSS compliant and if your SSL certification is functional and current.
Will India Become A Cybersecurity Product Hotspot In 2023?
Companies and governments all over the world are increasingly interested in investing in cyber resilience making India a cybersecurity hotspot
According to computer security experts, India is quickly becoming a talent hotspot for the global cybercrime sector, owing to delayed recruiting in the traditional software industry, the attraction of easy money and a lack of law enforcement. Hacking into computer networks and creating malware are among the services outsourced to cyber-mercenaries in India via underground markets. Botnets – hacker-controlled machines used to conduct crippling assaults and shut down websites – may be rented for as cheap as US$2 (Rs 125) per hour.
According to computer security experts, India is quickly becoming a talent hotspot for the global cybercrime sector, owing to delayed recruiting in the traditional software industry, the attraction of easy money and a lack of law enforcement. Hacking into computer networks and creating malware are among the services outsourced to cyber-mercenaries in India via underground markets. Botnets – hacker-controlled machines used to conduct crippling assaults and shut down websites – may be rented for as cheap as US$2 (Rs 125) per hour. After establishing itself as a worldwide hub for IT services and goods, India is on course to become the epicentre of the cybersecurity product industry, with increased occurrences of cyber assaults during the pandemic that is fuelling this expansion. According to a recent report by the Data Security Council of India (DSCI), the national industry body on data protection, the number of Indian cybersecurity product firms has increased to over 225 in 2023 from over 175 in 2023, with revenue increasing to over $1 billion in 2023 from $275 million in 2023, representing a CAGR of around 39%. Between 2023 and 2023, the number of people working in the Indian cybersecurity product industry increased by 25%, to around 18,000 people. Cisco, CrowdStrike, Lucideus, FireEye and Symantec, among others, have important R&D facilities in India, and indigenous cybersecurity businesses are experiencing growing business from both local and foreign firms as the epidemic pushes demand for cloud usage, remote working technologies and cost optimization. “It’s heartening to see that 63 percent of the [cybersecurity] systems studied have AI-ML capabilities, 78 percent are cloud-ready, and firms in specialty fields like Quantum and Blockchain are rethinking traditional cybersecurity stacks,” said DSCI CEO Rama Veda Shree. According to the DSCI, over 20% of cybersecurity companies were founded in the previous two years, with Bangalore, Mumbai/Pune, Delhi NCR, Hyderabad and Chennai serving as the most important hubs.While the total amount raised in the previous four years has been roughly US$490 million, fundraising has increased by 88 percent year over year from 2023 to 2023. As the complexity of cyber threats forces organizations to tighten IT security, Lucideus, a cybersecurity start-up headquartered in Palo Alto with R&D in Bengaluru, saw top-line growth of about 250 percent in the October-December quarter. According to Lucideus’ founders and CEO, India’s standing as a global engineering powerhouse, a strong national digital vision by politicians, and the existence of institutions with extensive research skills make the country a worldwide hub for cybersecurity R&D and a gateway to Asia.According to the research, India accounts for 63 percent of global cybersecurity product sales, with the United States coming in second with 16 percent. While the BFSI and IT industries provide the most revenue, healthcare, e-commerce and manufacturing are developing at a rapid rate in the aftermath of the epidemic. According to the research, India accounts for 63 percent of global cybersecurity product sales, with the United States coming in second with 16 percent. While the BFSI and IT industries provide the most revenue, healthcare, e-commerce and manufacturing are developing at a rapid rate in the aftermath of the epidemic. In terms of the predicted growth in the Indian cyber security products market, data protection and endpoint security would rise at a faster pace. The adoption of linked devices, bring your device (BYOD), and Internet of Things (IoT) technologies is expected to expand in the endpoint category. As more businesses utilize digital technology, network security tools are becoming increasingly important. The market for network security products in India is expected to grow at a CAGR of 15.3 percent from USD 257 million in 2023 to USD 394 million in 2023.Incident response and security testing services are projected to be the main drivers of demand in the Indian cyber security services industry, according to forecasts. Security consulting services, which comprise cyber security strategy planning, policy formulation, creating security architecture, and other services, are predicted to increase at a CAGR of 12.2 percent over the next three years, reaching a market value of USD 157 million by chúng tôi India, the market for security testing services, which is one of the fastest-growing, is expected to expand from USD 201 million in 2023 to USD 325 million in 2023. By 2023, the market for security testing services will be worth a million, with a CAGR of 17.4%.
Strategic Planning And Execution For Business Growth
You have specified organizational goals and come up with a strategic plan. Now, how can you ensure that it is done perfectly?
Strategy execution can be regarded as the implementation of the strategic plan toward achieving organizational goals. The process of strategy execution features essential components like systems, daily structures, and operational goals you would set up within your team for achieving success.
Even the most successful strategic plans can turn into a failure when you do not execute them perfectly. As a matter of fact, poor execution is a highly common incident. As per a study report, it is estimated that around 48 percent of companies fail towards reaching half of the respective strategic targets. Let us help you understand how you can equip your entire team to implement the strategic plans effectively.
Top Ways to Ensure Successful Strategy ExecutionStrategy execution is implementing the strategic plan defining particular tasks and organizational goals. Strategic execution leverages systems, processes, and a series of relevant decisions toward clarifying goals for the respective employees. It also involves defining actions or steps the organization is expected to undertake to achieve the respective goals.
Some important steps for strategy execution are −
Committing to a Strategic PlanBefore you go ahead with strategic execution, it is crucial to make sure that all stakeholders and decision-makers agree on the given strategic plan.
As per a study report, it is revealed that around 71 percent of employees within organizations having a weak execution strategy are second-guessed. This is in opposition to 45 percent of employees from organizations having stronger execution.
When you commit to a dedicated strategic plan before starting the implementation process, it will ensure that teams and decision-makers are effectively aligned on the same set of goals. This helps in creating a shared understanding of large-scale strategic plans across the entire organization.
Strategies are never stagnant. They should continue evolving with new opportunities and challenges. Communication is pivotal to making sure that your entire team commences on the same page in the strategic planning process while staying aligned with the passage of time.
Aligning Jobs to StrategyA common limitation that most organizations face in the process of seamless strategy execution is that the roles of employees are not designed by keeping the particular strategy in mind. This tends to take place when employees are recruited before the formulation of the strategy. It can also occur when roles are established towards aligning with a proper company strategy.
In the process of strategy execution, jobs tend to be optimized for high performance when they effectively line up with a dedicated organizational strategy. A reliable tool like JDOT or Job Design Optimization Tool can be used by individuals for assessing whether or not organizational jobs are optimized for successful strategic execution.
The JDOT is capable of assessing the design of the job depending on crucial factors -including accountability, control, support, and influence.
Communicating Clearly to Empower EmployeesAs far as strategic execution is concerned, the overall power of clear, concise communication cannot be overlooked. The fact that a whopping 95 percent of employees are not able to understand or are not aware of the organization’s strategy, emphasizes the importance of communication toward empowering employees.
Strategic execution primarily depends on every member of the day-to-day decisions and tasks of the organization. Therefore, it is crucial to make sure that everyone is capable of understanding not only the broader strategic goals of the organization but also how individual responsibilities will make it possible to achieve them.
Data outlined in a study report reveals that around 61 percent of staff at stronger organizations believe that line and field employees are provided information relevant to understand the overall impact of the respective decisions and work. In a typically weak organization, only 28 percent of them believe that it is true.
Measuring and Monitoring PerformanceStrategic execution depends on continuously assessing the overall progress toward specific goals. To effectively measure the performance metrics of the organization, it is crucial to determine KPIs or Key Performance Indicators during the stage of strategic planning. A numeric-based goal will be a clear, well-defined measure of the overall success of your team towards regularly tracking and monitoring performance while assessing if any modifications required should be based on the given progress.
For example, the strategic goal of your company could indicate that the customer retention rate should be increased by 30 percent by the time of 2024. When you maintain a record of the respective change in customer retention rate on a monthly or weekly basis, you can observe relevant data trends over time.
If records reveal that customer retention rate is decreasing on a monthly basis, it could be a signal that your strategic plan needs pivoting. It is because it is not driving the change you aim for.
Balancing Innovation & ControlWhile innovation serves to be a crucial driving force for ensuring company growth, do not allow it to derail strategic execution.
To harness innovation and ensure ample control over the ongoing strategic implementation, you should aim at developing a process to evaluate barriers, challenges, and opportunities that come your way. At the same time, understand that a stagnant organization will have no room for ensuring growth. Encourage employees to go ahead with brainstorming, experimenting, and taking calculated risks with strategic initiatives in mind.
ConclusionSetting strategic goals, coming up with a detailed plan, and executing a relevant strategy will require a unique set of skills. The development of relevant skills can have a long-lasting impact on the future performance of the organization.
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