GRC Viewpoint

Cyber Security Governance: An Inevitable Strategy for the Current Enterprises

Ensuring you are taking adequate measures against cyber security is a laborious process that involves several aspects, such as governance, creating awareness, and bridging the cyber security talent gap is undoubtedly some of them. Having the right strategy or cyber security governance in place is almost inevitable.

The cyber security landscape has undergone several significant changes in the recent past. The recent hike in cyber threats has been quite alarming. Such attacks are expected to continue in the future as well. All in all, the present cyber security is a constantly altering one. Here, cyber security governance is more than inevitable.

READ MORE: Digital Forensics-powered Cyber Security: What You Should Know?

Struggles with Cyber Security Governance

The other aspect that makes cyber security even more important is the reality that despite the rise in cyber threats, many enterprises find it challenging to have a proper cyber security strategy or governance in place that are in sync with the current and future goals of the organization.

In short, an organization requires an effective cyber security governance system that syncs with the organizational goals. Also, the employees should be made aware of the possible cyber security measures that could be undertaken to reduce the effects of cyber threats. However, the fact is that many organizations are unable to have such a strategy in place.

What is often a hindrance in having a practical cyber security approach in place is the lack of sufficient data or expertise. There is an unaddressed skill gap in the cyber security landscape. The skill gap is evident, and it is vital to address the opening at the earliest as cyber hackers are constantly evolving. Most of the conventional ways of dealing with cyber threats have become old-fashioned. What the world requires is something innovative and well-researched when it comes to dealing with cyber threats.

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The statistics have always been harrowing for the present cyber security landscape. As per the Boardroom Cyber Security Report 2022, the total amount expected to be caused due to cyber attacks will be around $7 trillion by the end of 2022. Cyber experts are paying more attention to cyber security than ever before. However, it is a positive trend. The lack of expertise and not having enough knowledge are barriers to an effective strategy.

The Right Cyber Security Strategy

First, let’s define what the term ‘cyber security’ signifies.

 “The system by which an organization directs and controls security governance, specifies the accountability framework and provides oversight to ensure that risks are adequately mitigated, while management ensures that controls are implemented to mitigate risks” is what cyber security is as per the ISO/IEC 27001 standard.

The basic fact about having the right cyber security strategy in a place realizes that traditional methods may not always be practical in the current scenario. Therefore, the cyber security governance strategy should be an evolved one.

Cyber security planning was always a back-office technical function for quite some time. There has to be a change in this approach. First, there has to be an all-encompassing approach in place. This means that participants from different departments can be included in the system, not just IT. The overall approach to cyber security should be so that the process focuses on cyber security as an enterprise-wide concern instead of merely being a technical issue. 

READ MORE: Threat Modelling, the Latest Focus in Enterprise Security

Participation from chief executives, including CISOs, CIOs, CFOs, or CEOs, should be significant, and while encompassing cyber security, possible enterprise risks, privacy concerns, and legal aspects must be considered. The final cyber security strategy or governance should sync with all these aspects.

The governing bodies are also taking cyber security seriously. The recent news is that more funding has been approved for the cyber security industry in the current year.

Last year the total number of state-level legislations was around 290. Come 2022, the exact amount will be more than 300. 

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