The daily barrage of cyber-attacks and data breaches pose significant threats to all organizations and no enterprise is immue to the risk of becoming a victim of cybercriminals.
With this in mind, there is a clear argument for CISOs, with valuable cyber security expertise, to have a seat on the board. They must also evolve their reporting to the board to include risk-assessments and quantitative projections of potential risk loss exposure.
The board has a fiduciary responsibility for cyber security oversight given the potential threat a breach poses to the operational and fiscal stability of the organization.
However, far too many organizations ‘check the box’ equating and conflating regulatory compliance to cyber security controls. It isn’t!
Valuable expertise
Cyber is a complex, ever-changing technical area that requires exacting expertise.
Such expertise are rarely possessed by board members whose understanding of financial and operational risks does not directly translate into quantifying or qualifying cyber risks and their impacts.
Investors and regulators alike are finally challenging boards to step up their oversight of cyber security including increased management reporting of major breaches and expertise in assessing cyber-related events.
It is time for cyber security professionals to have a seat at the table to ensure this escalating risk is not only being reported to the board, but is being properly assessed, understood and addressed.
From metrics to risk-assessment
To meet this need, CISOs must transition their current board reporting of key performance metrics and infrastructure threat discussions to risk-assessments and quantitative projections of potential risk loss exposure.
To support this transition, in March 2022, the Security and Exchange C ..
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