Whether it be the media focus on the numerous cyber breaches reported at businesses of all sizes, demands from the public and shareholders to safeguard cyber assets, scrutiny from government agencies or simply the daily reminders to individuals as their identities and personal information fall victim to online predators, more and more boards are targeting cybersecurity as a primary risk management area for their companies. However, there still seems to be a lack of understanding by boards in terms of what cybersecurity encompasses, what role the board may play in the process and how to best protect organizations against cyber breaches.
Safeguarding of an organization’s assets extends to cyber assets. Cyber assets comprise programmable electronic devices and communication networks including hardware, software and data. The use of such assets is becoming more prevalent, expanding the capabilities and speed in which business is transacted and communications are made. Keeping up with the pace of development and globalization of cyber assets is proving challenging.This MFA Perspective addresses the cybersecurity topics below as they relate to boards:
- What are cyber breaches and how do they occur?
- Are boards equipped to address cybersecurity risks?
- What say the regulators?
- Board’s roles in guarding against cyber breaches
- Differentiating between management and board roles in cyber risk management
- What are boards doing?
- Key takeaways for consideration in managing risk in cyberspace