--- title: 5 Cybersecurity Events that Keep CEOs up at Night description: 5 Cybersecurity Events that Keep CEOs up at Night --- [![TowerWall](https://blog.towerwall.com/hubfs/raw_assets/public/Towerwall_July2021/images/head-logo-2.svg "TowerWall")](https://towerwall.com/) [![TowerWall](https://blog.towerwall.com/hubfs/raw_assets/public/Towerwall_July2021/images/towerwall-logo-white-test.svg "TowerWall")](https://towerwall.com/) - [Our Partners](https://towerwall.com/how-we-protect-you/our-technology-partners/) - Our Solutions - - Our Cybersecurity Solutions - We operationalize infosec, building security solutions that safeguard your most critical assets. - - [Solutions Overview](https://towerwall.com/cybersecurity-solutions/) - [Risk Assessments & Security Reviews](https://towerwall.com/cybersecurity-solutions/risk-assessments-security-reviews/) - [Program & Policy Development](https://towerwall.com/cybersecurity-solutions/program-policy-development/) - [Incident Response & Remediation](https://towerwall.com/cybersecurity-solutions/incident-response-remediation/) - [Managed Detection & Response](https://towerwall.com/cybersecurity-solutions/managed-detection-response/) - - [Compliance & Privacy](https://towerwall.com/cybersecurity-solutions/compliance-privacy/) - [Comprehensive Security Training](https://towerwall.com/cybersecurity-solutions/comprehensive-security-training/) - [Vulnerability Protection](https://towerwall.com/cybersecurity-solutions/vulnerability-protection/) - [Penetration Testing](https://towerwall.com/cybersecurity-solutions/penetration-testing/) - Virtual Security Officers - - Virtual Security Officer - Leverage the experience and security acumen of Towerwall’s on-demand security experts. - - [Virtual Chief Information Security Officer (VCISO)](https://towerwall.com/virtual-security-officers/virtual-chief-information-security-officer-vciso/) - [Virtual Data Protection Officer (vDPO)](https://towerwall.com/virtual-security-officers/virtual-data-protection-officer-vdpo/) - [Virtual Chief Privacy Officer (vCPO)](https://towerwall.com/virtual-security-officers/virtual-chief-privacy-officer-vcpo/) - We Advise - - We Advise - One-size security solutions only lead to failure. - Industries - [Higher Education](https://towerwall.com/industries/higher-education/) - [Financial Services & Banking](https://towerwall.com/industries/financial-services-banking/) - [Healthcare](https://towerwall.com/industries/healthcare/) - [BioPharma & Bio-Therapeutics](https://towerwall.com/industries/biopharma-bio-therapeutics/) - [Retail](https://towerwall.com/industries/retail/) - [Government](https://towerwall.com/industries/government/) - [Catholic Diocese](https://towerwall.com/industries/catholic-diocese-cybersecurity/) - [Cannabis](https://towerwall.com/industries/cannabis/) - [Small Business](https://towerwall.com/industries/small-business/) - [Enterprise](https://towerwall.com/industries/enterprise/) - Trends & Threats - [Remote Workforce](https://towerwall.com/trends-threats/remote-workforce/) - [Vendor Questionnaire](https://towerwall.com/trends-threats/vendor-questionnaire/) - [HIPAA](https://towerwall.com/trends-threats/hipaa/) - [Ransomware](https://towerwall.com/trends-threats/ransomware/) - [GDPR](https://towerwall.com/trends-threats/gdpr/) - [Cloud Security](https://towerwall.com/trends-threats/cloud-security/) - [Phishing](https://towerwall.com/trends-threats/phishing/) - [Cybersecurity Insurance](https://towerwall.com/trends-threats/cybersecurity-insurance/) - [Resources](https://towerwall.com/resources/) - - Resources - Our latest insights, events, and tools to keep you safe. - - [Insights](https://towerwall.com/resources/?resources_category=MTU%3D&focusarea=0&industries=0&search=) - [Webinars](https://towerwall.com/resources/?resources_category=MTg%3D&focusarea=0&industries=0&search=) - [Whitepapers](https://towerwall.com/resources/?resources_category=MTY%3D&focusarea=0&industries=0&search=) - [View All](https://towerwall.com/resources/) - [Company](https://towerwall.com/company/) - - Our Company - We are the industry’s leading cybersecurity preparedness partner. - - [Who We Are](https://towerwall.com/company/) - [Our Team](https://towerwall.com/company/our-team/) - [Our Approach](https://towerwall.com/our-approach/) - [Our Values](https://towerwall.com/company/our-values/) - - [Awards & Recognition](https://towerwall.com/company/awards-recognition/) - [Certifications & Affiliations](https://towerwall.com/company/certifications-affiliations/) - [Community Involvement](https://towerwall.com/company/community-involvement/) - [Careers](https://towerwall.com/company/careers/) - [Contact Us](https://towerwall.com/company/contact-us/) Topics ransomware, Compliance & Privacy, penetration testing, Compliance, COVID-19, cannabis, Enterprise # 5 Cybersecurity Events that Keep CEOs up at Night [By Michelle Drolet](https://blog.towerwall.com/author/towerwall2020) [Read More](https://blog.towerwall.com/author/towerwall2020) 3 Minute Read October 26, 2020 ### With ransomware and phishing attacks on the rise, companies must continuously focus on cyber risks to protect assets and customers. Covid-19 forced organizations to evolve their business models overnight. The demand for digital infrastructure has skyrocketed and industries are seeing large-scale adoption of work from home. Unauthorized software, unsecured devices, stressed and distracted workers have expanded the attack surface and left businesses exposed to many cyber risks. Per a recent FBI report, cybercrime has almost [quadrupled](https://www.zdnet.com/article/fbi-says-cybercrime-reports-quadrupled-during-covid-19-pandemic/) amidst the pandemic. Cyber predators are preying on COVID-19 fears as they create [thousands](https://www.zdnet.com/article/thousands-of-covid-19-scam-and-malware-sites-are-being-created-on-a-daily-basis/) of fake internet domains, fraudulent coronavirus-related charities, bogus companies offering loans, masks and other equipment. ### CEOs held accountable for cyberattacks As the world gravitates towards hyperconnectivity, it is estimated that in the next [three years](https://www.gartner.com/en/newsroom/press-releases/2020-09-01-gartner-predicts-75--of-ceos-will-be-personally-liabl#:~:text=Liability%20for%20cyber%2Dphysical%20security,%2C%20according%20to%20Gartner%2C%20Inc.&text=Gartner%20predicts%20that%20the%20financial,over%20%2450%20billion%20by%202023.), the direct financial impact resulting from attacks on cyber-physical systems alone will cost businesses a whopping $50 billion. This number could be significantly higher if other indirect costs are added to the equation such as compensation, litigation, insurance, regulatory fines and reputational loss. On the demand side, consumers are signaling a lower tolerance for breaches with [40% of them](https://www.forbes.com/sites/forbestechcouncil/2020/08/03/fed-up-with-corporate-cybersecurity-failures-consumers-want-ceos-punished/#8706ad6125e3) blaming CEOs personally for cybersecurity lapses. Not to mention a regulatory framework that is ever-changing, becoming more stringent and demanding. Gartner predicts that by 2024, [75% of CEOs](https://www.gartner.com/en/newsroom/press-releases/2020-09-01-gartner-predicts-75--of-ceos-will-be-personally-liabl#:~:text=Liability%20for%20cyber%2Dphysical%20security,%2C%20according%20to%20Gartner%2C%20Inc.&text=Gartner%20predicts%20that%20the%20financial,over%20%2450%20billion%20by%202023.) will be held personally accountable for cyberattacks that lead to injury and other physical damage. ### Top cybersecurity events that keep CEOs awake at night Plenty of [evidence](https://blog.investisdigital.com/global-ceos-are-worried-about-cyber-security/) suggests that cyber risks are of greater concern to CEOs with each passing year. Here are the five top cybersecurity incidents that worry CEOs the most: **Ransomware attacks:** Ransomware is one of the most significant business threats facing CEOs, causing a great deal of concern. It is estimated that ransomware may have cost U.S. businesses more than [$7.5 billion](https://www.technologyreview.com/2020/01/02/131035/ransomware-may-have-cost-the-us-more-than-75-billion-in-2019/) in 2019. Recent reports suggest that ransomware attacks grew [72%](https://www.securitymagazine.com/articles/92886-covid-19-pandemic-sparks-72-ransomware-growth-mobile-vulnerabilities-grow-50) this year due to the chaos surrounding the pandemic. In a survey from earlier this year, CEOs indicated ransomware was their [biggest worry](https://www.zdnet.com/article/ransomware-phishing-and-cyber-attacks-scare-business-chiefs-the-most/) ahead of fire and floods. **Phishing attacks:** Phishing attacks are one of the most common security challenges that businesses face every day. According to experts, [90% of all cyberattacks](https://blog.knowbe4.com/bid/252429/91-of-cyberattacks-begin-with-spear-phishing-email) start with a phishing email. The world has seen a staggering [6000% increase](https://blog.knowbe4.com/6000-increase-in-phishing-attacks-leveraging-covid-19-healthcare-industry-often-the-target) in phishing attacks since Covid-19. Google claims to have blocked more than [18 million coronavirus scam emails every day](https://www.bbc.com/news/technology-52319093). **Cloud security challenges:** Post COVID-19, many businesses are increasingly relying on cloud infrastructure to navigate the challenges of remote working and enabling business continuity. As these organizations begin to flock to the cloud, they are faced with a new daunting challenge: security. It is estimated that attacks on the public and the enterprise cloud grew by almost [600%](https://www.computerweekly.com/news/252483708/Enterprise-clouds-hammered-by-cyber-attacks-during-pandemic) in recent times, making cloud security another top concern. Other [reasons](https://itsecuritywire.com/featured/cloud-security-risks-global-concern-amid-covid-19/) attributed to cloud security challenges are security misconfigurations either due to a lack of awareness or the rush to move to the cloud, negligent behavior and vulnerabilities. While cloud providers are responsible for maintaining servers, organizations are responsible for their own data security. **Social media scams:** Scammers use social media to get information about individuals and businesses and often impersonate legitimate friends, family members, charities, public institutions and government. Once they gain your trust, they can ask employees for private information or maneuver them into clicking on a malware-laden URL, making a donation or giving them access to business resources. Twitter accounts of [famous CEOs](https://www.thestreet.com/investing/elon-musk-jeff-bezos-twitter-accounts-hacked-in-apparent-bitcoin-scam) were hacked in an attempt to con followers in a cryptocurrency scam. Several high-profile CEOs have also reportedly [quit social media](https://securityboulevard.com/2020/02/more-ceos-ditching-social-media-over-security-concerns/) over security concerns. **CEO Fraud:** CEO fraud or business email compromise (BEC), is a variant of the phishing attack and is known to have cost businesses [billions of dollars](https://www.foley.com/en/insights/publications/2020/06/covid19-cybercriminals-stealing-billions-bec) in the first half of 2020. Using this technique, cybercriminals spoof company email accounts and impersonate executives to try and fool an employee. [The FBI](https://www.fbi.gov/news/pressrel/press-releases/fbi-anticipates-rise-in-business-email-compromise-schemes-related-to-the-covid-19-pandemic) issued a warning highlighting an increase in BEC frauds. Since March of this year, it’s been estimated that almost [7,000 CEOs](https://www.itproportal.com/news/ceos-are-being-impersonated-in-massive-email-scam/) have been impersonated. Cybersecurity is a CEO challenge that cannot be ignored. Just as financial statements are blessed by the CFO, a CEO must actively engage in cybersecurity conversations and ensure cyber risks are monitored at all times. CEOs must build a tight security ship by onboarding the right talent even if that means taking a stopgap measure by using a virtual CISO who comes with experience. It’s a lot to manage but if you invest in resources that can foster the right security culture and mindset, you’ll help build a cyber-resilient organization.   [This article was originally posted on Property Casualty 360](https://www.propertycasualty360.com/2020/10/26/5-cybersecurity-events-that-keep-ceos-up-at-night/) #### 5 Cybersecurity Events that Keep CEOs up at Night Back to Top ## Related Insights ### [6 Steps to Building a Strong Breach Response Plan](https://blog.towerwall.com/6-steps-to-building-a-strong-breach-response-plan) ransomware, Compliance & Privacy, penetration testing, Compliance, COVID-19, cannabis, Enterprise ### [10 Things I know about… COVID-19 scams](https://blog.towerwall.com/10-things-i-know-about-covid-19-scams) ransomware, Compliance & Privacy, penetration testing, Compliance, COVID-19, cannabis, Enterprise [View All Insights](https://blog.towerwall.com) × ## Talk with us now about: #### Your security needs. - ![Phone](https://blog.towerwall.com/hubfs/raw_assets/public/Towerwall_July2021/images/phone-icon.svg "Phone") [Call 774.204.0700](tel:774.204.0700) - ![Mail](https://blog.towerwall.com/hubfs/raw_assets/public/Towerwall_July2021/images/mail-icon.svg "Mail") [Email Us](mailto:info@towerwall.com) ### The front line of cybersecurity.™ For over 23 years, Towerwall, a woman-owned business, has helped scores of companies safeguard their data and leverage their investment in IT with advanced information security technology solutions and services. Our experience in all facets of information security coupled with serving in the CIO/CISO/ISO roles provides a unique first-hand understanding of the security challenges organizations face daily. ### Connect - - - - - [Career Opportunities](https://towerwall.com/company/careers/) - [Contact Us](https://towerwall.com/company/contact-us/) © Towerwall, Inc. and its licensees. All rights reserved [Privacy Policy](http://towerwall.com/privacy-policy/) Sitemap [Created by Howbridge](https://meethowbridge.com/) [![Towerwall](https://blog.towerwall.com/hubfs/raw_assets/public/Towerwall_July2021/images/footer-logo.svg "Towerwall")](https://towerwall.com/)