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Cyber Insights Today August 6, 2024
Hosted by Richard Freiberg
Privacy and Security
I am Richard Freiberg. Today we will be addressing 4 Cybersecurity Questions Boards Can’t Afford To Ignore in part 1 of a 4 part series.
https://www.buzzsprout.com/1913940/episodes/15231144
As board of directors head into their quarterly meetings, cybersecurity MUST be top of the agenda.
The reasons behind the recent proliferation in cyberattacks are ransomware attacks and bot attacks disrupting important systems threatening the continued existence and viability of businesses (including critical infrastructure) of all sizes and across all verticals which cost the global economies trillions of dollars.
Why is this becoming a board-related issue? Not only do these attacks have real financial and reputational risk to the business which the board is responsible for overseeing as part of its fiduciary duties to the organization, but government regulatory bodies like the SEC are increasingly putting the onus on boards to increase reporting and implement stronger corporate governance practices.
- What is my organization doing for cybersecurity board reporting?
To thoughtfully shape a strategy around risk, the board first needs to understand what that risk profile is for the organization. This information could include an update on the organization’s cybersecurity strategy, what new steps it is taking to mitigate risk today, information on current threats and how the organization is responding, and a measurable risk profile of how effective the organization is at mitigating those threats.
Many boards already have some sort of regular reporting with the chief information security officer or head of cybersecurity, but boards should ask themselves whether that is frequent enough and whether they are getting the information they MUST have to truly understand the company’s current risk profile, as well as insights into recent threats that may or may not ultimately affect the organization. Some boards have the CISO reporting quarterly as part of the regular board meeting structure.
More businesses have decided to add a cybersecurity or technology expert directly to the board to guide them on risk. Many former CISOs or former cybersecurity leaders are looking to sit on, or advise boards, as well as businesses’ own CISOs.
Alternatively for smaller businesses working with an outsourced firm like ours can fulfill this obligation although not currently mandated.
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That’s it for Cyber Insights Today.
DON’T BECOME ANOTHER STATISTIC!
Richard Freiberg
Profitability Consultant
Richard Freiberg CPA PC
Phone (980)339-3352
Cell (914)393-0033
www.rmfreibergcpa.com
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1 thought on “Cyber Insights Today August 6, 2024”
Cybersecurity is really important, especially with all the attacks happening. Learning about it can help everyone feel safer.