Cybersecurity is hot on the minds of corporations as the workforce is still partially digitally based, as are the security concerns that this situation creates. Increasing ransomware attacks and generalized hacking continue to be on the rise, creating an environment in which businesses of all sizes need to ensure that they have firm protections in place within digital spaces.
In an article for Entrepreneur, Stu Sjouwerman, founder and CEO of KnowBe4, a platform that offers security awareness training as well as simulated phishing, argues that CEOs need to be the driving force for cybersecurity within their cloud systems. CEOs should be knowledgeable and involved in the day-to-day operations of the IT department when it pertains to cloud security.
CEOs are mostly responsible for directing their businesses and understanding the threats that they might face. In an increasingly digital world, this responsibility has extended into cloud operations; CEOs should understand the risks of digital security and also the plans in place for mitigating those risks, Sjouwerman argues. This includes having the right technology and hiring the right personnel.
With the average cost of ransomware attacks hitting $761,000 in 2020, according to cybersecurity firm Sophos, a successful ransomware attack could set a business back for years or bankrupt it entirely.
CEOs need to ensure that they understand how their companies are being protected, as the companies’ reputations and financial standings are at stake. A CEO should have their CISO reporting to them directly, Sjouwerman explains, so that the CEO is informed, up-to-date, and able to help steer the company in directions that will allow it to continue to stay on the front edge of cybersecurity.
A CEO should also be up-to-date on the latest cloud technologies and any advancements within the rapidly growing industry to ensure that their company always has the best cloud technology for their particular business model.
“The reality today is that cybersecurity absolutely has to be front and center for C-level execs, and that failure to make it your issue brings substantial risk to your organization,” Sjouwerman says of CEOs.
Investing in the Rapidly Growing Cloud Computing Industry With WisdomTree
Cloud computing continues to profit and have exponential growth opportunities as the world becomes increasingly more digital. With this month’s focus on cybersecurity, the importance of cloud computing technologies that are reliable and protected is a priority for every aspect of a business and its leadership, all the way up to the CEO.
The WisdomTree Cloud Computing Fund (WCLD) provides investors pure-play exposure to companies that provide cloud-based software.
WCLD tracks the BVP Nasdaq Emerging Cloud Index, an equally weighted index comprised of companies that derive the majority of their revenue from software provided via the cloud. That could mean remote delivery or a cloud-based business model that is subscription-, transaction-, or volume-based.
WCLD offers multi-cap exposure to emerging, fast-growing companies within cloud software and services. Holdings include Asana Inc. (ASAN) at 2.49%, Bill.com Holdings Inc (BILL) at 2.27%, and Cloudflare Inc (NET) at 2.25%.
WCLD has an expense ratio of 0.45%.
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