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Cyber risk management places allot of stress on a company’s balance sheet and the management of the balance sheet is the responsibility of the board. Therefore it is the responsibility of the board to ensure that it is secure.
What should boards do to be effective in managing security? I have pulled my thoughts together and would welcome comments. Boards should;
1. Understand that cyber is here to stay. It is an enterprise wide business risk, not just a technology issue. A risk which drives significant cost pressures. Cyber-attacks impact brand, reputation, sales and profits.
2. Have clarity on what are the companies crown jewels. What are the critical data and key systems, what is their security posture?
3. Understand cyber risks. So that the board can challenge their teams on the effectiveness of cyber risk management.
4. Have clear governance and reporting in place to report cyber risk management upwards.
5. Have a plan in place for managing a cyber incident. It is not possible to defend yourself against a nation state, an attack will happen, be prepared for it.
Any thoughts?
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