As companies continue to expand their dependence on digital technologies to transform business growth and customer experience, cyber security will continue being center stage as a top risk for organizations. The risks leaves no industry untouched as significant impacts are felt for businesses in financial services, health and life sciences, media, technology, communications, utilities and energy. Today, every top management faces the challenge of investing limited resources in an ever changing cyber threat environment.
Currently, companies fall into two categories – those that have been breached and they don’t know it and those that have been breached and they are aware. As a matter of fact, cyber security risks are impossible to eliminate and the resources available to manage such risks are limited while inherent risks keep evolving. Getting closer to offer minimal acceptable security requires innovative IT resources to offer advanced responsive strategies and proper board oversight to make informed decisions and not allow the cyber imperative to dominate innovation and IT budget.
With the dynamic nature of the digital footprint, controls available today becomes inadequate over time, possibly sooner than management realizes. Therefore, companies should consider an independent review of their cyber security state to identify and prioritize high risk areas. In order to achieve this, the ICT governance management should consider the following;
- Ask the right questions to understand security issues, make informed strategic plans and investment to secure resources based on their risk levels
- Make changes to the board structures. If the board could benefit from an expert, they could consider getting members with technological backgrounds or form a strategic committee to advice the board based on the company’s risk appetite and the role of technology in meeting the business goal
Ronalds & Associates is here to walk this journey with you through our expertise team in IT Audit to realize the company’s optimal cyber security maturity. Reach to us through our contact https://www.ronaldsassociates.co.ke/contact-us/.