Cyber risks are ever-increasing in the Covid-19 era. On one hand, businesses are going through a radical transformation while on the other, the attack surface is rapidly expanding due to more people working from home. There is increased pressure on executive teams to step-up and get a better handle on cybersecurity.
Cybersecurity governance is complex and can pose several challenges
The World Economic Forum (WEF) ranks cybersecurity amongst the top ten risks of immediate concern. This reaffirms the need for company boards to reprioritize cybersecurity and establish common standards and best-in-class reporting to identify risks systematically. The sad reality of it is that 40% of board members admit that cybersecurity isn’t a regular item on the agenda.
1) Cybersecurity isn’t always a priority
Is cybersecurity a priority in the boardroom? The answer is, it depends, and it depends on several factors: did the business suffer a recent attack? Is the business in a high-compliance industry like insurance, healthcare, or banking? Ernst & Young reports that two-thirds of businesses consider cybersecurity merely as an afterthought instead of including it in the planning stage of…
