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The World Economic Forum publishes inciteful documents and reports. The March 2021 report on the Principle for board governance of cyber risk is one of those reports. Cyber is one of the top risks board face, its up there alongside the global pandemic and climate change.
The COVID pandemic and lockdown has demonstrated that hackers modify their attack patterns quickly and effectively. Demonstrating that Governments find it difficult to turn their oil tankers to the right direction quickly. Cyber keeps on coming up as an issue, the lack of resources, no corporate strategy or planning, board expertise and no risk based methodology in the board room to assess and govern cyber risk. More recent hacks in the US demonstrate the capabilities of Nation States to hack critical infrastructure. The lack of a defensive cyber strategy by government to steer and direct corporate America, Europe, Asia, Africa and India to protect against cyber at best leaves individual companies exposed to cyber risks and at worst serious damage from cyber attacks.
Cyber is not a risk corporate America, Europe, Asia, Africa or India can react to without driving change from the boardroom, its a balance sheet risk. The report details some of the basic principles board should consider and adopt.
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