How has the organization (i.e.Welcome to Hillicon Valley, The Hill’s newsletter detailing all you need to know about the tech and cyber news from Capitol Hill to Silicon Valley. How engaged is the board in reviewing the organization’s cyber-risk management program and security-related investments? Is the board getting regular briefings on the organization’s strategy regarding cyber-security risks and cyber resilience? Has responsibility for cyber-security been formally assigned at management level (e.g., CISO) and on the board itself (e.g., audit committee)? But when it came to interactions with management, only 34% of organizations mentioned the frequency of board reports, with just 11% reporting briefing the board annually or quarterly. In terms of board qualifications, 41% of companies reported highlighting cybersecurity expertise as an area of focus for new board directors.
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In addition, poor password practices, connecting to public Wi-Fi from company devices, and sharing files that contain malware are all examples of employee errors that could translate into huge costs for any organization. Phishing for example, was implicated in 32% of data breaches in 2018. Business leaders commonly state that employee negligence is the most common cause of data breaches. Human error can expose an organization to a wide array of cyber-attacks. Wide-reaching laws like GDPR, industry-specific regulations such as the New York Department of Financial Services (NYDFS) Cyber-security Regulation and NERC CIP-013 in the utilities industry, provide specific requirements for managing third-party risk. Regulators are increasingly targeting third-party risk. Details about how the plan will be updated are based on the test results. Board members should expect reports on the test outcomes. Best practices include quarterly reports from firm leaders and more frequent reporting if needed.Ĭompany leaders should carry out incident response plan tabletop exercises annually at a minimum. Monitor personnel who remain within a high security area at the end of a working day or shift.Ĭorporate boards should receive regular reports from executives about the company’s cyber-security risks, management review processes, overall health, and readiness to respond to an incident. Monitor the movement of people to a muster area during an evacuation.Įnsure the security control room is aware of workers who are alone on remote sites. Information related to how the organization manages cyber-security, security awareness, and the enterprise risk management (ERM) program.Īctively monitor workers within a zone, on local or remote sites.Įnsure blast zones have been cleared before explosives are detonated. Improved emergency response times and evacuation management with real-time tracking of personnel movements around your site. In recent years, frameworks and best practices have emerged to help boards get a grip on their organizations’ cyber-security posture. Even board members without technical expertise have had to become rapidly acquainted with IT risk and security concepts.
Major security events can have a significant impact on revenue, brand, and can lead to catastrophic results.īoard oversight of cyber-security has increased over the years. Boards should treat security as a top business risk as well as a top business opportunity. Why CISOs and Boards Should Work Together to Improve CybersecurityĬorporate board members often ask management specific questions that stop short of demanding metrics, It is this lack of measurable criteria which often hinder the effectiveness of cyber-security efforts.įirst and foremost, it is imperative for the board to appreciate the impact that information security can have on the business.
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