You don’t have to be an expert to ask the right questions.
How Boards can clear the path for effective cyber risk management.
In just a few years, cyber has transformed from the nerd in the corner into the Kim Kardashian of risk. Everyone, it seems, has an opinion on the issue. That’s because it’s serious — businesses can be built on, and destroyed by, cyber risk.
The World Economic Forum’s Global Risks Report has consistently ranked cyber attacks among the top seven risks facing the planet in terms of likelihood and impact, while high-profile CEOs including Warren Buffett of Berkshire Hathaway and Jamie Dimon of JPMorgan Chase see them as the number-one threat to business.
Despite this, a 2019 poll of 1,300 large international organisations by insurance broker wtw found that only 11 per cent of boards have taken direct responsibility for their firms’ cyber security.
Although the private sector’s investment in protective tech and compliance has increased, few business leaders have a clear understanding of cyber risk and confidence that the necessary safeguards are in place at their firms.
By definition the Board of Directors is not hands-on,…
