The survey conducted independently by Ponemon Institute and published in May 2023, explores the significant cybersecurity risks faced by corporate executives in their personal digital lives. The report highlights the gap between corporate cybersecurity measures and the protection needed for executives at home.
Key Findings:
Increasing Attacks on Executives:
- 42% of surveyed organizations reported that their key executives and family members have experienced at least one cyber attack.
- Common attacks include malware, doxxing, email compromises, and online impersonation.
- These attacks often result in severe consequences, such as the theft of sensitive financial data, loss of business partners, and reputational damage.
Lack of Preparedness for Cybersecurity Risks:
- 58% of respondents indicated that their organizations do not cover the prevention of cyber threats against executives’ personal digital assets in their security strategies and budgets.
- Only 38% have a dedicated team to handle cyber and privacy attacks targeting executives and their families.
Challenges for Security Teams:
- Security teams struggle with securing executives’ personal digital lives, with 35% of respondents stating that this task is highly time-consuming.
- Many Chief Information Security Officers (CISOs) find it difficult to implement effective security measures while allowing executives to maintain connectivity and productivity.
Executive Vulnerability:
- Executives often lack the necessary skills and awareness to protect their personal devices and accounts.
- Confidence in executives’ ability to secure their personal computers and email accounts is low, with many security professionals rating their confidence as very poor.
Expanded Attack Surface:
- The shift to remote work has increased the attack surface, making it easier for cybercriminals to target executives’ home networks and personal devices.
- Respondents reported significant difficulties in gaining visibility into personal devices and home networks to prevent cyber attacks.
Financial Impact:
- Organizations incur substantial costs in terms of staff time and resources to detect, identify, and remediate breaches targeting executives.
- Attacks against executives are seen as equally serious as data breaches, often leading to the theft of corporate intellectual property and sensitive data.
Recommendations to Mitigate Cybersecurity Risks:
- Organizations should integrate the protection of executives’ personal digital assets into their overall cybersecurity strategies.
- There is a need for dedicated teams and resources to address the unique risks faced by executives.
- Training and awareness programs for executives are crucial to enhance their understanding and ability to mitigate personal cyber threats.
- Implementing robust security measures, such as dual-factor authentication and regular updates to personal devices, can help reduce vulnerabilities.
RSI Security offers a holistic solution to these challenges through its RSI Security’s AI-assisted vCISO service platform, which provides comprehensive protection for executives’ digital lives both within and outside the corporate perimeter. This approach aims to ensure seamless security without disrupting executives’ ability to stay connected and productive.