Getting the boardroom focus right
Organisations have never been more at risk from cyber attacks.
Recent high-profile attacks on companies including retail, media and industrial sectors have highlighted the type of damage that can be done by hackers and cyber terrorists.
This growing threat comes at a time when there is also increasing focus on how organisations manage risk. Regulators, investors and senior executives are putting companies under pressure to explain how they identify risks to their business and how they ensure these are being managed within an agreed risk appetite.
Some of the key insights in this report to consider include:
- Cyber attacks have become substantially more malicious and larger scale over last few years, causing much greater harm to organisations and elevating cyber risk to principal risk status - requiring reporting under new Corporate Governance Code.
- Digital transformation strategies improve business performance but may also open organisations to new cyber risks.
- Board members need to establish new governance over cyber risk to ensure that cyber risk is accurately reported to them, that they can direct effective risk management plans, and that they have the expertise to ask the right questions and hold risk owners to account.
- Simply spending more on IT security is not going to solve this, organisations must understand the true impact of different attack in order to focus spend effectively.
This report will shed insight into:
- How cyber risk is now central to corporate governance
- How cyber attacks cause severe damage to organisations
- What is needed to tackle cyber risk?
- Key indicators for the board