With the mounting amount of news around cyber security breaches, it is important for the Boards and C-Suite to have a clear vision on how a Company is addressing the Cyber-risks and how they impact the overall Business objective. Lack of visibility and transparency not only hinders the Risk Assessment program, but also affects effective decision-making. Governing Cyber Risks effectively and efficiently requires Organizations to invest and improve their Cyber Security strategy continually. For this, IT Security monitoring needs to become Cyber Risk monitoring.
There are many frameworks for the management of Cyber Security focusing on the definition and build of Security Controls. However, there is little practical guidance as to what Boards should consider while Governing their Organizations when it comes to Cyber Security. For Real time visibility and understanding of the Cyber Security threats, the boards and c-suite must consider following aspects to implement effective governance and risk monitoring strategies;
- Due to Emerging Digital Technologies and complex Business Environment, Organizations globally lack in understanding their vulnerability towards Cyber Risks and how well they are prepared to respond to them. Building this understanding and ensuring it to be trends driven is critical for developing and implementing a response plan for these Risks.
- Another important aspect is adopting Automated Emerging technologies to assess and prioritize potential Cyber Security threats and their materialistic impact on the overall Business performance.
- Testing and validating the implemented Cyber Security frameworks periodically helps in assessing the overall efficiency and effectiveness of the program. Based on the assessment, the Risk and Compliance teams can make informed decisions to manage and mitigate potential high impact Cyber Security breaches.
- Incidents need to be tracked, monitored and accurately Reported. Automation tools powered by Artificial Intelligence and Big Data Analytics are the best ways of staying on top of the Cyber Risk Management.
- Cyber security cuts across an increasingly complex legal and Regulatory environment globally. Hence a strategic, transparent and all inclusive global response need to be developed and maintained.
The open ecosystem of the Internet gives enormous power to cybercriminals, which makes Cyber Security not just a Technical problem, but a Business problem. The challenges of Cyber Security are magnified than before, and more departments within a Business are affected by this change. Companies today cannot afford to function as isolated silos. They have to embrace the change and open themselves up to the emerging, vast and diverse world of automation and innovation. The points discussed here are the key components that play crucial roles in shaping Cyber security oversight and are therefore crucial for long-term success.
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