Cybersecurity is crucial not only to businesses, financial transactions, elections, healthcare, and more but also to protect all individuals in their daily lives, especially as the digital world continues to grow in popularity and accessibility. IT Chronicles team listened in as cyber security experts Rajeev Chand, Partner at Wing, Jen Easterly, Director of the Cybersecurity and Infrastructure Security Agency (CISA), and George Kurtz, CEO, and co-founder of CrowdStrike, as they discussed the importance of cybersecurity and cyber safety at CES 2023.
The following is a recap:
Following 6 trillion dollars worth of cyber damage occurring within the past year and projected to grow to eight billion by 2024, improving cybersecurity has never been more critical and requires a multifaceted approach. According to Easterly, some of the ways to reduce cybersecurity risk include technology companies’ responsibility to focus on solutions that are secure by default and design, C-Level corporate leaders’ need to prioritize corporate cyber responsibility, and government obligation for greater collaboration to ensure cyber safety. . “As the technology curve increases in complexity, so does the security,” Kurtz added.
According to Kurtz, banks are leading the shift of prioritizing and funding cybersecurity, while the consumer electronics industry presents a mixed picture. It lacks in cybersecurity in some aspects, while some consumer electronics companies thrive in others, a direct result of financially prioritizing cybersecurity.
So, what is the solution?
Cybersafety cannot only be promoted by “spending our way out of this,” Easterly explained. She continued to list other priorities, such as designing everyday technology products and devices with security features similar to how we expect our vehicles to be equipped with airbags and seatbelts. In addition, software development should target and limit vulnerabilities preventatively before products hit the market.
In efforts to educate more consumers about cyber safety and cybersecurity, labeling has been enforced by the federal government, similar to labels on our food products. Additionally, institutional shareholder services rating companies based on cyber risk was suggested by Easterly, urging the technology industry to become more transparent. Kurtz believes that although it is essential to arm consumers with information, cybersecurity should not fall on the shoulders of consumers but on developers before products hit the market. Easterly and Kurtz mentioned that incentivizing companies to prioritize cybersecurity efforts and harmonize cybersecurity efforts in various industries would also have a significant and positive impact on cyber safety.
The solution to improving cyber safety for all is a clear combination of funding, education, and preventative action as we experience limitless possibilities of the digital age. It is crucial to continue the conversation and share the responsibility of cyber security and safety while taking the advice of industry leaders.
