Cyber security needs to change, its about managing risk and not technology.

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Cyber security needs to change, its about managing risk and not technology. There needs to be a realistic conversation at the board table about managing the security of the balance sheet.

Securing the balance sheet is something all the ‘C’ suite should and can understand, they all have ‘skin in the game’, they all play a part in the creating and management of the balance sheet. This type of conversation creates the synergies between the board and the CISO.

Take NotPetya for example, the CISO wasn’t usually the person in front of the camera it was the CEO. The chairman and CEO ultimately face the investors, customers and regulators. Will have to take responsibility for the fiduciary risks. In all cases loses were felt across the top and bottom line, it was the balance sheet which was exposed, not the technology. This makes cyber an enterprise wide balance sheet risk.

To manage cyber risk, the board and the CISO need to be better aligned and have a closer relationship. The board needs to understand cyber risk management practices and adopt governance and oversight.

Managing cyber risk requires a different paradigm to managing cyber security.

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