As if the threat landscape wasn't already dangerous enough, corporate boards are falling short of institutionalizing effective cybersecurity governance. Important read:
How can boards improve their cybersecurity governance?
Boards can improve their cybersecurity governance by understanding and following established standards, recognizing their role as a critical control in the cybersecurity system, and ensuring they have directors with cybersecurity expertise. Additionally, they should define their responsibilities broadly, engage with the CISO, and avoid relegating cybersecurity oversight to the audit committee.
What are the risks of inadequate cybersecurity oversight?
Inadequate cybersecurity oversight can lead to significant vulnerabilities that may result in financial losses, regulatory penalties, and damage to reputation. As digital business systems become increasingly integral to corporate success, failing to address cybersecurity risks can impair overall business performance and stakeholder trust.
Why is it important for boards to understand cybersecurity risks?
Understanding cybersecurity risks is essential for boards because it directly impacts the company's value proposition and overall risk profile. A comprehensive grasp of these risks enables boards to make informed decisions that align with the company's strategic goals and protect stakeholder interests in an increasingly digital landscape.
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