As Technology continues to evolve, so does the opportunities and challenges attached with it. With greater benefits, Emerging Technologies bring even greater high impact Cyber Risks. Increasing threats to Corporate Information Systems, Critical Infrastructure, and intellectual property—as well as Compliance Risks, liability concerns, and the potential for reputational damage or lost business—continue to make Cyber Security one of the top priorities in the Boardroom. The threats and vulnerabilities are changing almost daily, and the standards for how to manage and oversee Cyber Risks are only beginning to take shape. The lack of a common framework for managing and overseeing Cyber Risk—particularly in a global context—is clearly a concern, as Businesses and Boards look for leading practices and guidance on taking a proactive approach to cyber risk.
To ensure Business Sustainability, the Board should ensure that the Organization’s Risk Management framework addresses Cyber Risks. Relying only on Security Incident and Event Management (SIEM) solutions results in there being too much of efforts on detecting how an attack has already taken place, versus a proactive approach that involves understanding how current processes assist in informing that something bad is about to happen. Cyber Security Risk management and Business continuity planning must be standing items on the board and executive committee’s agendas. This will ensure that appropriate attention is given to areas where gaps may exist.
Here are some of the key principles for Corporates to enhance their oversight of Cyber Risks;
- Cyber Security has to be approached as an enterprise-wide Risk Management process and not just an IT issue
- CISO’s, CIO’s and CTO’s need to understand the legal and regulatory implications of Cyber Risks as they relate to their company’s specific circumstances
- Boards should have adequate access to Cyber Security expertise, and discussions about cyber-risk management should be given regular and adequate time on the Board meeting agenda
Providing cyber security oversight means that board directors need to impress upon managers the importance of communicating how cyber risks factor into enterprise risk management. Having said that, security executives should not wait for the Board to ask questions about Cyber Risks and Information Security readiness. Rather, CISOs and CSOs need to proactively and regularly update the senior leadership on what’s being done to monitor and mitigate Cyber Risks, which is an intuitive process in a “cloud first” world. A robust, agile security architecture must include the ability to automatically recognize patterns that let you identify threats in real time before they occur which is a capability that can be enabled by automation and Artificial Intelligence and includes real-time analytics, continuous expert monitoring, peer-level information sharing & collaboration and operational ease of use.
Ultimately it is up to a Company’s Security architecture and Board to lay out the Cyber Security landscape in a way that is easily accessible with actionable information to enable the Company making cost-effective and efficient decisions.
Visit our Appexchange listing for more details on our innovative Product Suite