4 Areas of Cyber Risk That Boards Need to Address

2. Continuously monitor the cyber risk capability performance.

Continuous monitoring is essential to establish if the cyber-risk management strategy performs as intended. Often management reporting dashboards, combined with insights from cyber event exercises are used for this purpose. Currently, in their most advanced form, these activities can capture the near real-time situation. Yet, for bridging the timing gap for utilizing improvements decision-makers have a need to see what the future outcome of their strategic decisions.

when it comes to cyber risk management. The overspending on cyber risk management affects the profitability of the firm.Cyber-risk-management strategy implementation can be a challenge. As previously mentioned, the ongoing increase in surfaces that require protection and increasing adversarial behavior require more efforts from cybersecurity teams to improve the defensive posture. However, these teams are struggling with a lack of qualified security resources.

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How to Keep Cyberattacks from Tanking Your Balance SheetThe threat of cyberattacks — and potential impact on corporate balance sheets — is only expected to grow. Technological advances in areas such as generative AI and automation have strengthened threat actors, leading to new and evolving threats. Against this backdrop, it becomes increasingly crucial for corporate boards to align their organizations’ cyber-risk management with their business needs. Cyberattacks are, first and foremost, a risk to a business’ integrity. They can damage the most fundamental components of a business, from the integrity of customer data to IT infrastructure, all while impacting the company’s intellectual property, reputation, valuation, and even the morale of staff. How should board directors and senior leaders be managing this type of business risk? Knowledge brings power, and the more corporate leadership knows about the impact of cyber risk on the business, the better it can provide effective leadership.
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