In today’s digital age, data is considered the new gold. It has become a critical raw material for producing digital products and services therefore ensuring robust board cybersecurity is essential.
The board plays a pivotal role in steering a company’s cybersecurity strategy, and moving beyond compliance to achieving excellence is crucial for safeguarding sensitive information.
Here are 5 steps to elevate cybersecurity in the boardroom and transition from a compliance-driven approach to one that prioritises excellence.
1. Understand the Landscape
The first step in enhancing board cybersecurity is acknowledging the dynamic and ever-evolving nature of cyber threats. Board members need a comprehensive understanding of the current threat landscape, and continually educate themselves on emerging risks and sophisticated attacks that are being carried out.
Key Trends
- Rise of ransomware: in 2022 70% of businesses fell victim to ransomware attacks. This is expected to rise with the Cisco Annual Cybersecurity Report stating ransomware is growing at a yearly rate of 350%
- Rise of automotive hacking: modern vehicles use Bluetooth and WiFi technologies which open them to vulnerabilities from hackers. Gaining control of the vehicle or using microphones for eavesdropping is expected to rise.
- Potential of artificial intelligence: with AI being introduced machine learning has brought tremendous changes in cybersecurity. AI has been paramount in building automated security systems, face detection and automatic threat detection.
- Insider threats: human error is still one of the primary reasons for a data breach. A report by Verizon found that 34% of total attacks were directly or indirectly made by the employees.
- Rise of social engineering attacks: attackers use techniques such as phishing, spear phishing and identity theft to gain access to sensitive data.
Regular cybersecurity briefings and training sessions can empower board members with the knowledge necessary to make informed decisions.
2. Prioritising Risk Management
Effective cybersecurity goes beyond implementing technical solutions, it involves a strategic approach to risk management. Boards should actively engage in risk assessments, identifying and prioritising potential threats based on their impact and likelihood. This risk-centric approach allows for the allocation of resources to the most critical areas, enhancing overall cybersecurity resilience.
An incident response plan should be a key part of a company’s risk strategy. No business is immune to cyber threats and directors must actively participate in the development and regular testing of incident response plans.
According to IBM, it takes a company 197 days to discover a breach and up to 69 days to contain it. Companies that contained a breach in less than 30 days, saved more than $1 million in comparison to those that took more than 30 days.
Knowing how to respond effectively to a cybersecurity incident can minimise damage, reduce downtime and protect the business’s reputation.
3. Investing in Technology and Innovation
To achieve cybersecurity excellence, organisations must invest in cutting-edge technologies and innovations. Board members should collaborate with IT and security teams to evaluate and implement advanced cybersecurity solutions. This includes AI, machine learning, and threat intelligence tools that can provide real-time insights and threat mitigation.
Cloud-based board management software like Stellar enhances cybersecurity by providing a secure platform for confidential board communications and end-to-end encrypted document sharing, reducing the risk of unauthorised access.
4. Build Board Cybersecurity Metrics
Moving from compliance to excellence requires a shift from checkbox-style evaluations to meaningful cybersecurity metrics. Boards should work with cybersecurity professionals to establish KPIs that align with the organisation’s strategic objectives. Regularly reviewing these metrics enables the board to gauge the effectiveness of cybersecurity measures and identify areas for improvement.
5. Engage in Continuous Improvement
Excellence in cybersecurity is an ongoing journey that demands continuous improvement. Boards should encourage a culture of learning from incidents, conducting post-incident reviews, and implementing lessons learnt. This iterative process ensures that the organisation remains adaptive and responsive to emerging threats.
Elevating cybersecurity in the boardroom involves a holistic approach that transcends compliance requirements. By fostering a cybersecurity culture, prioritising risk management, investing in technology, building meaningful metrics and engaging in continuous improvements, boards can lead their organisation towards cybersecurity excellence. In this dynamic landscape, where threats evolve rapidly, a proactive and strategic approach to cybersecurity is essential for safeguarding the integrity and resilience of any organisation.
If you are looking to implement a board management platform to improve your businesses cybersecurity and workflow – get in touch or take a look at our features.