Like other risks associated with an organization, cybersecurity cannot be dealt with in vacuum. Board and C-Suite must strike the appropriate balance between the security of the organization and managing and mitigating losses while maintaining profitability and sustainable growth in a competitive environment.
Cybersecurity is a significant enterprise-wide strategy and risk issue that affects virtually all levels of an organization’s operating activities. Complete protection against Cyber Security threats is an unrealistic objective for the organization. Very often, the cybersecurity threat becomes dreadful because of the factors like it’s complexity and the speed at which it evolves coupled with financial impact and the damage it causes to the reputation of the organization. In the face of the above facts, the organizations increase their cybersecurity budget, year after year, the attackers and their counterparts find it more lucrative.
• The board and management need to understand and approach cybersecurity as an enterprise-wide risk and not just an IT issue.
• Boards need to understand the legal implications of cyber risks by relating to their organizational circumstances
• Boards and c-suite to be well educated about the cybersecurity expertise and cyber risk management to be given regular and adequate time on board meeting agendas.
• Management to establish enterprise-wide cyber risk management procedures with proper staffing and budgeting.
• Board and Management should be able to manage and mitigate cyber risks with specific plans associated with each approach.
To fulfill the Business growth objectives, the organizations must be ready to accept a certain amount of Risk, and that is called the Risk Appetite. Organizations should decide the appropriate threshold level of Risk when the corrective measures and necessary actions are to be taken to reduce the Risk at an acceptable level. This, the Risk Appetite and Strategic Plans, when properly defined and communicated to the concerned Team members, they can make the best use of the opportunities to achieve the Business as well as Governance Objectives and meet Compliance requirements. Cybersecurity is a serious enterprise-level risk issue that affects virtually all levels of an organization’s operating activities.
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