10 Ways Boards Are Setting Their Companies Up For Cybersecurity Failure
As if the threat landscape wasn't already dangerous enough, corporate boards are falling short of institutionalizing effective cybersecurity governance. Important read:
How can boards improve their cybersecurity governance?
Boards can start by understanding and adhering to existing cybersecurity governance standards. They should recognize their critical role in the overall cybersecurity framework and consider forming dedicated digital and cybersecurity committees instead of relying solely on the audit committee. Additionally, boards need to broaden their understanding of different types of digital risks, including opportunity and systemic risks, and ensure they have directors with cybersecurity expertise to guide their decisions.
What are the risks of inadequate cybersecurity oversight?
Inadequate cybersecurity oversight can lead to significant vulnerabilities within a company, exposing it to cyber threats that can impact financial performance, market value, and stakeholder trust. As digital business systems become increasingly integral to corporate success, failing to address these risks can result in regulatory scrutiny, legal repercussions, and damage to the company's reputation.
Why is cybersecurity expertise important on boards?
Directors with cybersecurity expertise bring valuable insights that enhance the board's ability to understand and manage complex digital risks. Their knowledge helps in making informed decisions and asking the right questions about cybersecurity strategies. This expertise is crucial for aligning the board's oversight with the realities of the digital landscape, ultimately strengthening the company's overall cybersecurity posture.
10 Ways Boards Are Setting Their Companies Up For Cybersecurity Failure
published by Fox ITC Ltd
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