Call us now:
Ted Dziekanowski the WEF still holds cyber up there in the top 10 short-term and medium term global risks. Cybersecurity failure continues to feature as a critical threat, with low entry barriers, high rewards and a relatively low risk of prosecution make cybercrime attractive to bad actors. Cybersecurity risk is the biggest non-financial risk organisations face today.
Everyone agrees that boards and leadership teams need to invest in cybersecurity risk management. To ensure that cybersecurity is a governance imperative, set the tone, develop the mechanisms to govern cyber-risks, and to assume accountability for the cyber-resilience of the enterprise. But the gap between perception and reality still exists.
One expects that the board room gap will close when regulators start to deliver and enforce cyber regulations as planned in 2022 and 2023 and boards have to declare their cybersecurity knowledge and experience. The challenge however will be that most organisations will find it difficult to find the talent to be able to address the problem.
This report reiterates the basic steps that can be taken today to start to focus the board and their organisation on cybersecurity risk management governance and compliance.
1. Recognize cyber as a strategic business priority.
2. Ensure cybersecurity governance is a board imperative.
3. Cultivate a culture of cyber resilience.
4. Build a quality cybersecurity workforce.
5. Incentivize public-private collaboration.
I’d add. Develop, implement and manage cybersecurity risk management frameworks, standards and policies in line with regulatory regimes. As this, along with strategy and governance, is what boards will be tested against by regulators. It is also the most costly component of cybersecurity risk management.
#cybersecurity #cyberriskmanagement #cyberregulation #theaugustagroup
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