Is Hiring a Cybercriminal for a Company Ever a Good Idea? Computer hackers aim to cause harm, disruption and theft of your funds. They do this through social engineering techniques such as phishing, spear phishing and CEO fraud as well as other methods.
They might also attempt to vandalize websites for political purposes, something known as hacktivism. While these activities are not unheard-of, they do not always have a beneficial effect on your business.
Ethics and Integrity
When considering whether hiring a cybercriminal for your security team is ever beneficial, two things come into play: ethics and integrity. Ethics are rules that ensure people adhere to moral principles while integrity refers to a set of values which guide one’s behavior.
Ethical standards are typically less stringent than criminal laws and require us to weigh the consequences of our decisions. For instance, it might be ethical to help a stranger in need; however, killing someone would be against the law. Violation of this law carries much harsher sanctions such as fines and imprisonment.
Integrity, on the other hand, is something that must be developed within an individual. It entails a commitment to honesty and fairness in all areas of life as well as an unwavering dedication to upholding that principle.
Integrity can be defined as respect for others, honesty, fairness and a dedication to helping those in need. For instance, someone with integrity may go out of their way to assist a coworker complete a project, write kind notes to friends or family members and present gifts as expressions of appreciation to those who have helped them through difficult times.
Those who demonstrate these behaviors are seen as having high integrity and are seen as model citizens. Additionally, they tend to be humble and possess a deep-seated moral conviction.
Although living with integrity can be challenging, it can also be rewarding and beneficial to your wellbeing. Living a life of integrity not only builds trust and assurance in yourself but also equips you to respond calmly and purposefully in difficult situations.
Organizations should establish a policy that requires employees to uphold ethical practices. Organizations can ask potential hires about their values and review their responses to written or video questions for further confirmation.
Some companies have created an Ethics Office, working closely with human resources, legal, audit, communications and security departments. These offices respond to employee grievances and investigations of ethical violations while offering guidance and training about ethics within their staff members.
Risk Management
Risk management is the practice of recognizing, understanding, and mitigating risks related to an event or situation. This process is essential for organizations of all sizes – from micro businesses to multinational enterprises.
A successful risk-management program will identify and address all types of risks, such as threats to IT infrastructure or the security of sensitive data. It also helps create policies that are used periodically to assess hazards, mitigate them, and avoid disruptions due to data breaches.
The size and scope of a company’s risk function depends on its business model. Hydro One, for instance, has an insignificant risk group to generate awareness around potential hazards and communicate with all levels and functions within their organization. They require a team of specialized functional risk managers with domain expertise to assess strategic threats specific to specific lines of business.
Another risk management strategy involves encouraging employees to share their views of the major risks that affect the firm’s strategy. Organizations like JPL and Hydro One use this approach for increasing employee awareness of business risks.
These companies often utilize a system that requests employees anonymously rate each risk they perceive on a scale of 1-5. The results are then presented in workshops to discuss and debate the relative strengths of existing controls and the likelihood of risk occurrence.
By taking this approach, employees become more involved in the risk-management process and have a voice in decisions that could affect their work. Furthermore, it helps the company focus on areas where it has control of its risks rather than those which it cannot.
A risk management process is the cornerstone of any effective cybersecurity program. It ensures that everyone understands their role in protecting company information and minimizes the potential for security breaches or downtime. The process should begin at the top and cascade down through all levels of the organization, remaining ongoing and comprehensive to include all potential risks that could disrupt operations.
Insurance
Cyber insurance is an integral component of any business’s risk management plan. It shields your organization against the cost of a data breach, which can be costly both financially and in terms of reputational damage.
Most cyber insurance policies are created to cover a range of costs associated with data breaches, such as notification expenses, restoration of personal information and remediation of computer systems and software. Due to its cost-effective nature and time-consuming process, having an effective plan in place in case of cyberattack is highly recommended.
A reliable insurance policy should also include a waiting period before coverage takes effect, to prevent cybercriminals from accessing networks before the insurer begins paying out or investigating claims. This helps safeguard against malicious cyberattacks.
The level of security you must have in place to receive the best cyber insurance rates varies based on your industry. Businesses dealing with sensitive customer information, like healthcare or finance, are frequently targeted by hackers who use social engineering techniques such as phishing to steal sensitive data from customers.
Furthermore, large businesses tend to pose a greater risk than smaller ones due to their larger workforce and more financial assets that could be stolen. As such, insurers tend to charge more for large firms than they do for smaller ones.
While some insurance providers have a dedicated team of cybersecurity experts to assess your risk, many are still developing their own models. They’re combining data science with security knowledge in order to evaluate your vulnerability.
It is essential to take note that the number of security breaches continues to rise annually, leading to an uptick in demand for cyber insurance products. This is because cyber attacks are now more costly than ever before.
A cybersecurity insurance agent can assist you in selecting the appropriate product to fit your requirements and budget. They also offer advice on how to prepare for a data breach and effectively handle it.
A comprehensive cyber insurance policy is the best way to shield your business from potential costs associated with a cyberattack. Having such coverage in place can save you thousands of dollars and even more if your company experiences a data breach that requires it to shut its doors.
Publicity
Cyber-attacks can be devastating to any business, both financially and in terms of reputation. Companies whose sensitive data was exposed may face substantial tangible and intangible costs such as lost competitive advantage, intellectual property theft, legal fees, and even insurance premium increases.
Oftentimes, the most successful cybersecurity solution is one that utilizes both hard and soft skillsets to safeguard your business against both external and internal risks. For instance, if you have third-party vendors or independent contractors with access to your systems or data, it is recommended that they go through a thorough background check process prior to being allowed onboard.
If you have the right security officer with the appropriate training and experience, there are numerous ways to prevent hackers from breaching your systems. Unfortunately, if that person has too much power within your network, their actions could prove more detrimental than beneficial.
For example, if an ex-convict with a history of criminal activity has access to your network, you may not be able to stop them from launching an attack that could cost your business thousands in damages and lost revenue.
Avoiding a toxic employee on your team can be daunting, but you can minimize the risk by carefully considering their credentials and including them in your interview or hiring process. Not only should you evaluate their technical proficiency, but you should also assess if they possess the character and drive to succeed within your environment.
Keep your focus on the prize by conducting an exhaustive screening process before offering any offers. That may involve running a full criminal background check and other screening techniques to identify who is most qualified to protect your business against recent cybersecurity risks. Afterward, monitor them closely for signs of bad behavior which could indicate larger issues down the line.
