Corporate Governance

Executive summary

The report deals with the illustration of the significance of cybersecurity in any business organization. The report states the importance of cyber security and resilience protocols for ensuring enhanced performance in the business and continued corporate survival. The elaboration of best practices regarding cyber resilience is stated. The report also reflects the role of enhanced cyber resilience in business organizations from the perspective of a corporate governance consultant.

Introduction

The recent crisis in the economy with the failure of the high profile corporate illuminated the spot for the participation of corporate governance. Being a corporate governance consultant to the company which is listed on the Australian Stock Exchange and ranked with ASX 200, it is my job to help the company build a better board so that the company can develop better procedures and practices that are applicable to the corporate and board’s secretary office regarding cyber resilience which would meet the peer or/and national group norms (World Economic Forum, 2017).

The work and practices with the corporate strategy and the conventional counsel in context to the cyber resilience for ensuring that the business organization gains the complete protection of the procedures and practices of governance which the organization needs have to be devised as a responsibility on my part being the corporate governance consultant (Vugrin & Turgeon, 2014).

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Implementation of cyber resilience

Implementing cyber resilience at the corporate board level is essential which relates to the management of risks in the cyber ecosystem of the company which will not achievable with conventional information security. Risk management in regard to cyber resilience has to be an ongoing process of identification, assessment, and response to the risk.

It has been observed that a breach in the cyber system of the business organization would result in the stealing of intellectual. This further leads to the disruption of the critical systems of business of the company. The impact can be very dominating and damaging to the reputation of the company and loss of competitive advantage. This can further result in a loss of competitive advantage for the company (Agrawal & Cooper, 2017).

By integrating enhanced cyber resilience in the internal structure of the company, the important measures for addressing such risks effectively provide the company with the confidence to the exploitation of the digital aspects of delivering the opportunities for innovation and growth on which the company can depend (Al-Janadi, Rahman & Omar, 2013).

Such decisions of the company depend on having a very informed status of the cyber resilience across the company forms the board to those accountable for managing InformationTechnology and employees who happen to have access to Information Technology.

The strategies to integrate cyber resilience into the internal structure of the company needs to focus on the view of the board which describes cyber resilience to be more a matter of culture and strategy than tactics (Westphal & Zajac, 2013). The company requires individuals at the highest levels of management for recognizing the significance of proactively mitigating cyber risks. It is the responsibility of every individual in the company for cooperating to ensure enhanced cyber resilience while the leaders of the company have to devise the strategy leading to cyber resilience in the strategy of the organization (Armstrong, et al., 2015).

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Counter to the cyber risks

To counter the cyber risks, the company needs to take the advantage of the opportunities that are presented by the enhanced technological developments in network technology which is currently in the initial stages (Bell, Filatotchev & Aguilera, 2014).

The process of improving the cyber resilience of the company would integrate the cyber resilience security and protocols and the best practices and policies which are mentioned as follows:

All the directors of the company need to have the perspective that the board needs to handle the matters of cybersecurity in a way that is suitable to the footprint, assets, industry, people, and geography (Coffee Jr & Palia, 2016).
The company needs to engage its directors and the board in framing a team of cyber security or committee, or sometimes both for handling the concerns and issues hovering around the aspects of cyber security as a part of the all-around management of Information Technology. This kind of technical team or committee needs to report to the Board of the company at least twice a year (Claessens & Yurtoglu, 2013).
The corporate board of the company needs to integrate the responsibility of cyber resilience and the approach of the cyber security committee.
The board of the company needs to favor the appointment of a director in the department of cyber security on the board.
The board of the company also needs to engage some of the members of the board to be engaged in the preparedness of education and training in cyber security and resilience of the employees of the company (Tricker & Tricker, 2015).
Further, the company at the Board level can integrate the tools offered by the World Economic Forum regarding the including of cyber resilience which aims at improving governance and strategy instead of standards and tactics along with the management o confidential data and the internal business operations of the company. By integrating the tools and principles of cyber resilience the operation of the company can be enhanced.
The inclusion of Board principles for Cyber Resilience has to be materialized by the company which would enable the board action and helps the board in recognizing its crucial role (Dimopoulos & Wagner, 2016).
The company should incorporate the cyber principle Toolkit which has the 10 Board principles associated with cyber resilience. This includes a set of questions that are devised for fostering a positive dialogue between the senior management and the board on the aspects of cyber resilience. These questions will help the corporate board in implementing its role in cyber resilience (Samra, 2016).
The framework of board cyber risk should be included by the company which suggests that a review of the cyber risks needs to be done by the company regularly. This framework also ensures that they are included in the review of other risks of the business. It happens to contribute to the overall program of cyber security by providing the necessary informational aspects for prioritizing the management of actions of cyber risk within the program.
Inclusion of board insight on the evolving risk in the technology tool needs to be incorporated by the company which a document that presents insights and guidelines that are applicable in any company that deals with the current shifts of business models of the company that arise with innovations associated with the unavoidable alterations in the risks and technology (Edmans, 2014). These guidelines and insights are focused on facilitating discussions among the executive teams and board-level stakeholders regarding cyber resilience and assist the board members in developing strategies for the evaluation of new and innovative technologies (Ginena, 2014).

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Use of Cyber Resilience

The instances where the use of cyber resilience has been put into practical implementation in business organizations which can help the company is imbibing the protocols of cyber resilience are described below.

In the case of any retail company, the risk department is mostly accountable for complying with different policies and regulations, implementing the continuity plans of business where there is an amalgamation with the Information Technology department for implementing the technical controls regarding cyber resilience. The information security manager needs to have all the information regarding the preparation of the incidents within the risk department and is not willing for assuming the causes of the preventive controls (Khan, Muttakin & Siddiqui, 2013).

2) In the medical sector, it can be seen that medical companies find it convenient to outsource all of the services of Information Technology to larger and more renowned service providers. The contract that is finalized is handled by the financial department of the company. The contract includes some specific clauses regarding the assurance of cyber resilience of the systems of Information Technology where the data of the patients are held (Padachi, Ramsurrun & Ramen, 2017).

A company like BIS has integrated cyber resilience into its internal business structure which has helped the company in matching the capabilities and products with the required soft market in a more effective and safe way. The company has also been able to provide services t by complying with the regulatory requirements regarding cyber resilience (Larcker & Tayan, 2015). This company has included the aspect of horizon scanning in its strategies of cyber resilience which denotes the systematic analysis of information for the identification of potential risks, threats emerging opportunities, and issues. According to the company, true cyber resilience includes innovation in providing new services and products to the company by including enhanced security and preparedness regarding alterations in the data and information of the company.

The purpose of all these instances regarding cyber resilience is to ensure the fact that the company can very conveniently deliver the strategy of its business and the desired outcomes of business by aligning the steps of cyber resilience to business outcomes (Misangyi & Acharya, 2014).

The board of the company needs to include the principle of cyber resilience in the internal structure of the corporate board. These include taking accountability for cyber resilience. The board needs to take the entire accountability for sighting the cyber resilience and risks. The board needs to delegate the key activities regarding cyber resilience (Mason & Simmons, 2014).

The board needs to ensure the engagement of an account officer who would be in charge of reporting the capabilities of the company and regulating the progress of cyber resilience in executing goals associated with cyber resilience. The board needs to have an appetite to resolve risk in cyber security which will be enhanced by quantifying and defining the risk tolerance in the business on an annual basis in the orientation of the corporate strategy. The board needs to further devise and ensure the resilience plans by facilitating the support to the officer who is in charge and accountable for the implementation of the cyber resilience by testing, creating, implementing, and improving the plans for cyber resilience that are harmonized with the business of the company. The board of the company needs to have a command over the cyber resilience and ensure regular updation of the trends regarding cyber resilience and the alert regarding threats with the assistance and recommendations from independent experts belonging to external sources which can be available on being requested. The board of the company further needs to ensure the integration of the management into the cyber resilience and assessments of the cyber risk into the overall risk management of the company along with the resource and budget allocation (McCahery, Sautner & Starks, 2016). The company’s corporate board also needs to have regular assessments and reporting of the risk for a valid assessment of the cyber threats, and risk for devising its own set of strategic assessments of risks by using the Board Cyber Risk Framework (Michael & Goo, 2015).

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Conclusion

In the constantly evolving threatening environment in cyberspace, conventional information security approaches in the corporate environment will be considered to be increasingly necessary but not completely secure the individual companies. The business organization needs to establish much of its base and confidence in its security maturity at the fundamental level, however, in materializing so, the company needs to identify and accept that it will not be able to sustain and be successful in its business on its own.

The company needs to make investments not only in the appropriate technologies regarding cyber security but in having an enhanced understanding of its ecosystem and associating with trusted partners for securing the company further. A flexible yet resilient cyber environment is a much valuable object that can facilitate the company in implementing and operating the business operations with enhancing confidence in the security of the data and the systems. The company needs to look beyond its borders and start assessing the implications of the cyber-attack on its suppliers, vendors, and business associates. The company should also seek to develop a resilient and healthy cyber environment with the collaborators they need to communicate, interact and share information with.