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Why cyber risk is a board-level issue
Board representation for risk is growing, but confidence must also increase
Digital and boardroom transformation
Gartner predicts that by 2025, 40% of boards (up from 10% at January 2021) will have a“dedicated Cybersecurity Committee, overseen by a qualified board member”. The reasons given for this increased boardroom focus on cyber risk management are:
- Greater risk created by the expanded digital footprint of organisations during the Covid pandemic
- Cybersecurity-related risk is rated as the second-highest source of risk for the enterprise after regulatory compliance risk
- “Relatively few directors feel confident that their company is properly secured against a cyber attack”.
The simple fact is, risk is risk: whether cyber risk, compliance risk, audit risk or any other kind of digital risk, boardrooms can no longer afford a lack of visibility or lack of governance.
With businesses focusing strongly on digital transformation in recent years, total risk will only increase. Unless, that is, sensible action is taken now and a sustainable solution is put in place.
Quod Orbis CCM, delivered as a managed service with included ongoing support from Quod Orbis experts – for your operational teams and for your board – is that solution.
Underlying issues that are increasing risk and cost
Below are the key reasons why traditional ways of managing security controls and associated audits and compliance are no longer sustainable, both at operational level and at board level.
Error rate
Security controls (as typically managed in many businesses) are inconsistent and degrade over time. The error rate is therefore likely to increase.
Speed of execution
Relying on teams to respond manually to security controls issues is a severe limiter on speed of response.
Effort
The amount of effort required from IT and compliance teams to maintain controls, collect evidence and repair is unsustainable.
Regulatory
Compliance audits for GDPR, PCI, Basel, SOX, ISO etc are often manual and point-in-time/annual.
The Quod Orbis CCM managed platform effectively removes all of the above issues to give your organisation the agility, confidence and assurance it needs in a digitally dependent business age.
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