Cyber risk - The board must drive the focus

ORGANISATIONS’ increased dependence on digital systems to drive business outcomes inevitably leads to the commensurate consequences of cyber incidents. We have seen many examples of how cyber threats, such as ransomware and cyber supply chain attacks, cripple business operations and cause irreparable monetary and reputational losses. According to Gartner research, 88 per cent of corporate directors view cybersecurity as a business risk. This indicates the need for cybersecurity to be strategically addressed by the leaders and executives of any organisation.

However, there is still much uncertainty around the board’s responsibilities. A MIT Sloan School of Management survey found that only half of the corporate directors said there had been discussions on their roles in cybersecurity. Yet there was no consensus reached.

As organisations’ cyber risk exposure continues to evolve, the board must recognise the critical part it plays in strengthening the organisations’ security posture.