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 »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

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.

Clayden Law

Clayden Law

Clayden Law are experts in information technology, data privacy and cybersecurity law.

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.

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.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

Syxsense

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

FREE eBook: Practical Guide To Optimizing Your Cloud Deployments

FREE eBook: Practical Guide To Optimizing Your Cloud Deployments

AWS Marketplace eBook: Optimizing your cloud deployments to accelerate cloud activities, reduce costs, and improve customer experience.

XYPRO Technology

XYPRO Technology

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

Cylance Smart Antivirus

Cylance Smart Antivirus

An antivirus that works smarter, not harder, from BlackBerry. Lightweight, non-intrusive protection powered by artificial intelligence. BUY NOW - LIMITED DISCOUNT OFFER.

NuHarbor Security

NuHarbor Security

NuHarbor is a leading information security consulting and advisory firm specializing in Information Security, Compliance, and Risk Management.

Mako Group

Mako Group

The Mako Group specializes in protection - providing security through auditing, testing, and assessments. And, we do it all with the highest quality standards possible.

Cyber Together

Cyber Together

Cyber Together is dedicated to advancing the cyber security industry by giving businesses access to Israel’s leaders, innovators and great minds in the field of cyber security.

Chainalysis

Chainalysis

Chainalysis provides blockchain analysis software to prevent, detect and investigate cryptocurrency money laundering, fraud and compliance violations.

Network Box

Network Box

Network Box is one of the world's leading Managed Security Service Providers.

Bangladesh Association of Software & Information Services (BASIS)

Bangladesh Association of Software & Information Services (BASIS)

BASIS is the national trade body for Software & IT Enabled Service industry of Bangladesh.

AppGate

AppGate

AppGate brings together a set of differentiated cloud- and hybrid-ready security and analytics products and services.

HACKNER Security Intelligence

HACKNER Security Intelligence

HACKNER Security Intelligence is an independent security consultancy delivering comprehensive security assessments across IT security, physical security, and social engineering.