The open ecosystem of the Internet has given enormous power to cyber criminals. The accountability (and expectations) of Board members must grow to meet this security challenge. Simply understanding that threats exist but choosing to ‘wait and watch’ is no longer an acceptable strategy. Board oversight and leadership on this issue has never been more important. “How to Govern Cyber Security” will show you how to develop a Board-level cyber security strategy and embed it into your governance framework.
The emergence of cloud technology, mobile, analytics and global interconnectivity have emboldened a new class of sophisticated attacker capable of deploying devastating, multi-staged cyber attacks. System breaches great and small have more than doubled in the past five years.
In 2017, a Report produced by IT security company, Symantec, paints a picture of an evolving cyber risk. It found:
ransomware detections with an average amount of $1077
new malware variants were discovered in 2016 (by Symantex alone)
is all it takes for an Internet of Things device to be attacked (across all sectors like energy, transport, etc.)
identities were exposed in 2016
Monica is an experienced I.T. architect and systems integrator, and has managed large implementations across education, transport, telecommunications and banking industries. The list of projects includes one of the first Check Point firewall implementations in Australia back in 1995, the management of the Perimeter security project for one of the top four banks, the firewall project for a tier one university and the creation of a medical records aggregation tool, currently used by the majority of Primary Health Networks in Australia.
But she is not just a technologist either…
Monica is herself an experienced director and currently sits on the Boards of Australian Pharmacy Council, Medical Software Industry Association, Sydney City Institute, Foundation for Australian Agricultural Women and Espace P/L and Advisory Boards Group International.
Now, Monica has partnered with Conscious Governance to spearhead “How to Govern Cyber Security”. She looks at cyber security from the perspective of a seasoned Board member who is also a trained expert and understands how to implement and manage risk at the enterprise and board level.
You may think your organization is an unlikely target for a hacker. The reality is, regardless of its size or the nature of its cause, even the smallest organization has valuable data that is often poorly secured. Why? Because many attacks simply scan the Internet for vulnerabilities in routers or computers that are not patched or up to date. Not to mention the so-called 'zeroday' vulnerabilities (for which the originating vendor has no solution or patch).
Ask yourself, which of the following sensitive information does your organization collect?
Client, donor or trustee data, client email addresses, physical addresses, passwords, bank information or financial records, healthcare information, perhaps even confidential email threads.
Any of this data could be a lucrative target for a ‘career cybercriminal’. That is, of course, if the hacker knows you exist to begin with. The vast majority of cyber attacks are carried out through scanning the Internet. Always consider yourself a target and remain on high alert.
Cyber security is no longer an IT issue; it’s a governance issue that requires coordination from the CEO and management with support by participation from many departments. Why is this the case? The answer is simple: cyber security is not just a technical problem, or extreme risk – it’s also a people problem. It’s people that pose the biggest threat to secure information.
A 2015 HM Government Information Security Breaches Survey found that 81 per cent of large organizations reported some staff involvement in the breaches they suffered. If an employee misuses their access to restricted material, either to cause harm or simply through negligent behavior, the results could be damaging. Cyber security calls for more holistic, business-focused approach and strategic thinking beyond the IT department.
In the words of FBI director Robert Mueller, "There are only two types of companies: Those that have been hacked and those that will be hacked."
Those who choose to do nothing more than ‘wait and watch’ are putting themselves at risk of significant financial, competitive, and reputational damages when a data breach finally occurs.
With a tide of new regulation, Directors face significant repercussions if they are found negligent in their duties. High profile attacks have seen additional derivative law-suits in the US against the directors. New regulation in Australia (Mandatory data breach notification scheme), in Europe (General Data Protection regulation) will see huge fines for corporations and individuals.
Upon reflection, FBI Director Robert Mueller's statement could be considered out of date. In today's environment, “There are only two types of companies: Those that have been hacked and those that don’t know they have been hacked.”
Not only will it bridge the gap in Boardroom cyberliteracy, this program will ensure that security becomes part of your ongoing business strategy.
If one thing has become certain, it’s that the Board can no longer claim ignorance. The discussion in the Boardroom must move from acknowledgment to commitment and take full accountability.
The most prepared organizations typically experience fewer incidents than their counterparts. They also sustain less damage and achieve far quicker recovery times.
'How to Govern Cyber Security'
If you have a question about 'How to Govern Cyber Security', please email: robert[at]consciousgovernance.com
“How to Govern Cyber Security” is ideal for Chairs, FARM committees, individual Directors and Trustees, senior executives, and all governance professionals.
When you purchase this program, your chosen email and password become your login credentials. Your login will be automatically emailed to you.
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You have two options: You can fund the program for selected organizations as part of your member benefits.
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Disclaimer
The advice given is general and may not cover all or any of the aspects of your particular organization setup or be applicable to particular situations. There is no guarantee that even if all the measures described/discussed are taken, the individual or organization will be 100% protected against malware, hacking, ransomware, or any other form of cyberattack. Advisory Boards Group & Conscious Governance, all its officers, staff and contractors do not accept any liability for any acts in connection with the delivery of this course. The information presented in this online course or the downloads do not constitute personal or business advice. Organization names mentioned in the materials or recordings are not necessarily endorsed or recommended by the Advisory Boards Group for your specific network or devices The sources of information used, despite believed to be reliable, are not guaranteed to be so. Please contact your legal, financial or other advisor for any clarification or questions
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