I ran a board round table at Rialto last week on Securing corporate value, we discussed; Complexity Cyber risk is complex, do boards understand it?

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I ran a board round table at Rialto last week on Securing corporate value, we discussed;

Complexity – Cyber risk is complex, do boards understand it?
We discussed – Cyber is a very complex risk, cyber threats, organisations, cyber security and financial markets are all complex. How can boards realistically oversight and assure the risk without help?

Regulation – Should boards be concerned about cyber regulation?
We discussed – The regulatory and fiduciary environment is getting tougher for boards. GDPR has resulted in intentions to fine. US states are releasing data protection regulations and other regulations like the NYDFS are being enforced.

Education and awareness – What do boards need to know about cyber, where does education and awareness start?
We discussed – Cyber risk management starts at the board table. Cyber has a direct impact on corporate value through costs to fix, regulatory costs, lost revenues, brand and reputational damage.

Managing cyber risk – Where does the board start?
We discussed – Boards should enforce governance to oversight and assure cyber risk appetite. Implement a cyber security and cyber risk management strategy to track the maturity of security across the enterprise. The board must manage its incident response and remediation programme.

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