Over the past 1 year, the board largely focus on the agendas related to business continuity during the Pandemic. And at the same time, it is important to look after the Obligations related to Cyber security. The Board members are finally waking up to the real risks that cyber security threats can pose to companies of all sizes, and that securing sensitive information is not solely an issue for IT teams.
Data is the real asset for any organization which if not protected from a cyber threat than can impart significant financial and reputational damage to an organization. The Board of Directors has to take responsibility for the survival of their organizations, and in today’s technologically advanced interconnected world, cyber resilience is a big part of that responsibility which makes Boards take an active role in cyber security.
- BoD has to understand all the legal and regulatory implications of cyber risks by relating to their company’s specific circumstances.
- It’s becoming more common to see Board members that have either a technological or security background. This expertise can elevate a Boards’ awareness. And more awareness is how we win against cybercriminals.
- Board-management discussion related to cyber risk should include identification of risks that are required to avoid, accept, mitigate or transfer through insurance and also make specific plans associated with every approach.
- BoD must set the expectation that the company’s management will establish an enterprise-wide risk management framework with adequate staffing & budget.
Many thanks to the Insititute of Directors, India for this valuable webinar. Want to watch the full webinar? Click here.