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Cyber is without doubt an enterprise wide risk. Our use of data supports his, the impact of cyber attacks on financial statements proves this and depth and breadth of cyber controls defines this. Business’s are dependent upon technology and digital for every aspect of business operations. Every member of the board is reliant on digital solutions to fulfil their departments roles either directly or indirectly.
It is important for organisations to manage risk at every level from the board room to the shop floor. Cyber security should be considered as an enterprise wide risk as it is the only risk category which impacts all areas of a business.
I have been speaking for several years about the convergence of cyber and enterprise wide risk management. Something which we developed for Financial Services as part of Basel II and III over many years within Operational Risk Management. So it is a positive step for NIST to seek comments on the convergence of cyber security and ERM.
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