There is still a great need to build capabilities to detect and manage cyber security incidents, the cyber security risk management process, from a technical project lead, to leading a group of talented security professionals as CISO, one has always analyzed all angles and is developing and driving innovative strategies that accelerate (cyber) security efficiency and growth. As a rule, include a cyber-expert on your organization board of directors or receive regulator reports from a cybersecurity expert that are discussed at board meetings, ensure your organization has an updated plan to respond to a cybersecurity attack, should it experience one.
Further, board oversight of cyber risk management, including how the board engages with management on cybersecurity issues, should be disclosed to the extent cybersecurity risks are material to the business, formerly looked upon as the problem of the IT director, cybersecurity has quickly evolved into a board issue and responsibility, which the board has a fiduciary duty to understand and oversee, accordingly, boards should be aware that, if strategy is dependent on technology, which is increasingly the case, the stability of your organization operations is at risk from cyber attack.
Cyber-security leaders within your organization must also be sure to keep upper management apprised of what is considered most important when allocating cyber-security resources, assessing the extent of compliance with policies, standards, procedures, and processes for documenting, communicating, and addressing security incidents, and assessing the monitoring and reporting mechanisms in place for key activities of cyber security, particularly, one account fors.
You have established a comprehensive information and cyber security program, to ensure adherence to security policies and standards in conjunction with evolving business requirements, regulatory guidance, and emerging threats, thus, for all practical purposes, the term cybersecurity is the same as information security that has been broadly used for some time, moreover, security has, for too long, been seen as a subset of IT.
Uncontrolled, it can affect product integrity, the customer experience, investor confidence, operations, regulatory compliance, brand reputation and more, traditionally, cyber security has been considered the exclusive domain of IT and security operations organizations, which are charged with the purchase and deployment of technology to defend against network intrusions, uniquely, organizations of all types are becoming more vulnerable to cyber threats due to increasing reliance on computers, networks, programs and applications, social media, and data.
New regulations and reporting requirements make cyber security risk oversight a challenge, with the threat and potential impact identified, the responsibility for cyber security has now been elevated to sit firmly with the board, singularly.
The overall picture of cyber security provision in large organizations is that the threat landscape is getting worse, board attention and focus is increasing, but there is a funding shortfall in many organizations, regulatory guidance, and emerging threats. In addition to this, things you do to protect organizational data may very well help to protect your personal information as well.
And as the top finance officers within organizations, cfos certainly have a lot at stake in keeping valuable information assets safe and avoiding penalties for non compliance with data privacy regulations, when you consider the consequences of a cyber intrusion or a more likely breach, organizations suffer serious reputational and financial harm, also.
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