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It’s a pleasure to be working with Tanya Gass of Norman Broadbent Plc. Contributing to the latest Board Practice Newsletter, themed around technology, boards and the next industrial revolution.
Contributing to the timely conversation on board governance over cybersecurity risk and coming at a time of increased focus on the role of the board in the management of cybersecurity. Our article on page 10 – ‘The Unwelcome Guest: Why Cybersecurity Demands a Seat at the Table’ – explores how boards can better address the governance, oversight and assurance of cybersecurity risk, and the opportunities and threats that come with it.
Cyber presents a significant risk to boards, as demonstrated by recent hacks against Marks and Spencer, Co-op, Peter Green Chilled and Victoria’s Secret & Co. Market cap will get knocked; operational costs will rise (its always cheaper to manage cyber ‘Left of Bang’, rather than ‘Right’); the medium term outlook on profits will be affected; cyber will stubbornly stick to the board table for several years post incident (legal cases, insurance, and market perception) and lets not forget the rise in cyber regulation, and its effect of legal and compliance risk.
Cyber is not a risk that can be left to inexpert members of the board or superficial symbolic oversight and assurance. Boards need to seek out expert advice and guidance to oversight and assure cybersecurity risk and enable appropriate governance.
Read the article here – https://lnkd.in/eFxjPX_H
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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