Today, more than ever, the demands created by cybersecurity concerns collide with the need for both innovation and productivity. As a result, understanding how to deal with cybersecurity risk is essential for a business, and it must be tackled strategically from the top. It’s not fair to let the IT department take all the grunt work in maintaining computer security. It must be everyone’s concern, and that includes the board.
What Motivates Cyber Threats in the First Place?
In cyberspace, threat actors can be groups, individuals, or national governments that engage in unauthorized activities on digital networks for personal advantage. Hackers, terrorists, and cybercriminals are some well-known examples. Various threat actor classifications have been established, which categorize actors based on their cyber capabilities, degrees of sophistication, and motive.
Although financial gain or access to intellectual property may be significant motivations for certain threat actors, other players, such as hacktivists, want to disrupt the existing status quo or attract attention to various social issues.
What Can Members of the Board Do?
1) Recognize Cyber Risk
While awareness is definitely on the rise, many board members may still lack thorough knowledge of cyber threats and their actual or potential impact on the firm. Suppose this is the board’s first time dealing with cybersecurity issues. In that case, a briefing from a trusted internal, external, or even government advisor can help educate board members about critical cyber threats, vulnerabilities, and consequences and help put those risks into the context of the business. Directors may also consider enlisting the assistance of directors from other boards who have more expertise in managing cybersecurity concerns inside their companies to complement their information.
2) Assess the Organization’s Cybersecurity Strategy
Several businesses have established or appointed a board-level committee to manage cyber risk. For example, cyber risk management is sometimes delegated to the audit committee in some organizations. Suppose a firm decides that cyber risk supervision should be delegated to a board-level committee. In that case, the cross-functional impact that cyber events might have on the business should be considered when choosing where the board’s organizational structure, such as risk management, is best placed.
3) Identify and Prioritize Major Cyber Threats to Safeguard Company Value
Because not all cyber dangers are created equal, businesses must prioritize cybersecurity measures. Companies should focus their resources on lowering substantial cyber risks by safeguarding their “crown jewels,” which are the information and technological assets that might have the most significant financial impact on the company if hacked, destroyed, or disrupted. In other words, the company’s “worst-case scenarios” for a cyber assault should receive the most significant attention.
4) Put Your Company’s Reaction Strategy to the Test Via a Cyber Exercise
Even with a strong strategy and cutting-edge technology, a firm may be breached. As a result, advanced planning and good crisis management are critical components of a company’s cyber risk management strategy. In addition, knowing when to seek technical and legal assistance and how to interact with law enforcement, consumers, shareholders, the media, and other impacted parties is vital to mitigating the harm that a cyber attack might do. Unfortunately, many businesses do not sufficiently prepare for a cyber-related catastrophe in their business continuity and disaster recovery plans.
The board should evaluate the total budget for security and resilience regularly and divert investments as needed. Given the rising quantity and severity of breaches, it is apparent that most businesses must review their cyber security investments more clearly and efficiently. While continuous education about cybersecurity is genuinely essential, delegating it to experts can be an excellent investment. My IT Central, one of the leading IT support companies in Edmonton, can provide this service and so much more!