As Cyber Risk Escalates, the C-Suite Must Take Action

Monday, August 6, 2018

So far, 2018 has started out to be a very good year for cybercriminals. In the first week of April alone, restaurant chains and large department stores, some of America’s major retailers, disclosed significant data breaches. A multitude of government and healthcare organizations around the world have also been breached in the short three-and-a-half months of this year.

The trend is accelerating, and the disclosure of breaches has moved from weekly to nearly daily and sometimes several within a day. With the role C-suites and boards have in the management of the organization’s financial and reputational risks, the questions business leaders need to ask themselves are: How prepared is my organization, from top to bottom? Are the right people responsible for cyberthreat preparedness? How well does our C-suite and board understand the plan and the liability issues they may face in poor cybersecurity planning and incident management? How resilient is our organization in the aftermath of a significant breach?

C-Level and Board Responsibility for Cyber Risk — Still Over-Focused on IT

In one report from CSO Online called “The Current State of Cybercrime,” from a study conducted less than a year ago in the U.S., it was found that 6 out of 10 boards “believe cyber risk is an IT problem.” As long this belief exists, organization leaders will remain disengaged from the solutions and their role in supporting a robust cyber risk management strategy. With the number and severity of cyber risks growing exponentially, the magnitude of this risk needs to be better understood by many business leaders.


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