Questions Business Leaders Should Ask Themselves

PWC survey has found  that only thirty-six percent of board members have confidence in their company’s reporting on cyber security and while directors and senior management do not need to understand all the intricacies of cyber security, they do need to understand the business impact as well as the level of risks they are willing to accept. 
 
To do that effectively,  they need to ask themselves and the people whom they work with some searching questions.
 
Cyber crime is significantly increasing and it is time for the Board, directors and senior management to take more cyber security responsibility because if the organisation is hacked, they will be seen as responsible for the security breach. Cyber security should be a regular agenda item at Board meetings because directors need to gain an understanding of the cyber risks they are facing as an organisation and stay informed on a continual basis. 
 
Cyber security is a highly technical and specialised field, beyond the scope of most directors’ experience and  expertise. However, the role of the director is to ensure that their company is well prepared, has the right procedures in place and a high-quality leadership team that can respond quickly and effectively and that necessarily requires more than a basic understanding. 
 
  • The push towards digital transformation triggered by the coronavirus pandemic has only made companies’ task of protecting their data even more difficult. Recently, boards have been asking security professional for guidance on how to navigate a global pandemic with a workforce unaccustomed to working from home.
  • The rapid acceleration of digital transformation driven by the COVID disruption which has increased competition for talented, technically literate directors means getting knowledgeable talent to join the board has become harder.
  • A cyber attack will hit you when you least expect it and will probably occur in a way that you aren’t expecting. It is also important to recognise that the instigators of cyber attacks are typically sophisticated and well-organised criminals running lucrative businesses.

The key questions that directors should assure themselves they can answer in the event of a major breach. 

Is There A Comprehensive Cyber Security Strategy?    How confident are we that our company’s most important information is being properly managed and is safe from cyber threats? Do directors receive regular information from IT on who may be targeting our company, their methods and their motivations? 

How Are Cyber Attacks Detected And Responded To?     It’s great to know that all your business and customer information is secure but the board of directors would also want to know that there exists a plan of action whenever something gets compromised.  Without a doubt, data loss is seriously detrimental to any business and at times leads to its downfall also. That is why, the management would want to make sure that data backup and recovery plans are correctly put to place so that in case of an information breach, the business has the opportunity to fight back and thrive.
 
Are Accountabilities Clear?   Is there a defined process that identifies who does what when an incursion happens?  Have you confirmed that the business has escalation procedures in place and that these are up to date? How do you manage third-party cybersecurity risks    
 
Do You Have External Help You Can Call On When Attacked? Does the company’s commercial relationship with them guarantee timely access? Does your business have a war room environment ready to go when you are attacked? And do you understand what it can and can not do?
 
Can You Manage Reputational Damage?   Who Is The Public face of the business when you need to communicate a breach?   What is the company’s philosophy about paying a ransom if you are hit by a ransomware attack. What determines the decision to fight or pay?  
 
Does Your Organisation Have Cyber Insurance?    If yes, d do you understand the terms of coverage?  As a Board member, you need to understand the scope and details of the company’s cyber security insurance policy.  Part of an insurance plan is not just to insure your physical assets from a cyber threat. Ask your team if they have the tools and infrastructure that monitor your security parameters on regular if not real-time basis.
 
Cyber attacks are the new normal and the need for cyber  security is business critical. Business leaders have to be sure that they are looking at both the worst-case and best-case scenarios and are prepared to make some compromises to ensure a secure infrastructure.
 
PWC:       CPA Canada:       appknox:     Gartner:      AFR:     Tyler Cybersecurity:     
 
Symantec:         Which 50:      McKinsey:       ramsac
 
For advice and recommendations on your organisation's cyber security needs, contact Cyber Security Intelligence.
 
You Might Also Read: 
 
Get The Best Cyber Security Audits & Training In 2021:
 
« FBI Recover Ransom Paid To Pipeline Hackers
Beware Of Credentials Phishing »

Perimeter 81

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Perimeter 81

Perimeter 81

Perimeter 81 is a Zero Trust Network as a Service designed to simplify secure network, cloud and application access for the modern and distributed workforce.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Free Access: Cyber Security Supplier Directory listing 5,000+ specialist service providers.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

DigitalStakeout

DigitalStakeout

A simple and cost-effective solution to monitor, investigate and analyze data from the web, social media and cyber sources to identify threats and make better security decisions.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

E-Tech Computing

E-Tech Computing

E-Tech has been providing system support and information technology consulting services including Internet and Network Security assessments.

CERT Estonia

CERT Estonia

CERT Estonia deals with security incidents that occur in Estonian networks, start there, or which it has been notified about by citizens or institutions either in Estonia or abroad.

Bayshore Networks

Bayshore Networks

Bayshore Networks was founded to safely and securely protect Industrial IoT (IIoT) networks, applications, machines and workers from cyber threats.

Cyber Security & Information Systems Information Analysis Center (CSIAC)

Cyber Security & Information Systems Information Analysis Center (CSIAC)

CSIAC is chartered to leverage best practices and expertise from government, industry, and academia on cyber security and information technology.

Araxxe

Araxxe

Araxxe delivers Revenue Assurance, End-to-End Billing Verification and Interconnect Fraud Detection solutions to communication companies worldwide.

Abacode

Abacode

Abacode is a Managed Security Services Provider (MSSP). We help businesses consolidate all of their Regulatory Compliance & Cybersecurity needs, under one roof.

NeuVector

NeuVector

NeuVector, the leader in Full Lifecycle Container Security, delivers uncompromising end-to-end security from DevOps vulnerability protection to complete protection in production.

Vigilant Technology Solutions

Vigilant Technology Solutions

Vigilant is a global cyber security technology company offering solutions to manage entire IT & cyber security lifecycles.