A report from the International Bar Association (IBA) provides unprecedented insights into best governance practices against cyber risks.
This global guide titled “Global perspectives on protecting against cyber risks: best governance practices for senior executives and boards of directors”, targets senior managers and boards of directors, offering valuable information on current cybersecurity threats. It also outlines actionable steps to reinforce their cyber risk governance.
The IBA report incorporates sources from ten distinct jurisdictions to facilitate a comprehensive, global perspective. These jurisdictions include Australia, Brazil, Denmark, Germany, India, Israel, Singapore, Uganda, the UK, and the US.
The IBA report comes at a time when cyber risks are rising alongside advancements in 5G networks, quantum computing, and the Internet of Things. In response to the growing number of cyber-attacks, regulatory bodies have started to develop legal guidelines and standards. Nonetheless, adherence to such regulations alone is insufficient. Company leaders are now urged to proactively establish security frameworks and strategies.
The IBA report underscores the need for shared accountability between senior management and boards of directors to address cybersecurity risks. It outlines 17 recommendations including understanding the organisation’s cyber risk profile, ensuring the board and management possess adequate cybersecurity expertise, investing sufficient funds to meet cybersecurity goals, and reviewing, understanding, and testing the organisation’s cyber incident response plans.
IBA Immediate Past President Sternford Moyo said, “There is a real need for leadership and development of international cyber best practices in the intersection of law, public policy and technology. This IBA report sets a global benchmark on best governance practices for corporations in effectively safeguarding their organisations against cyber risks.”
Presidential Task Force on Cybersecurity’s Co-Chair Luke Dembosky commented, “It is more important than ever that senior executives and boards of directors engage directly in ensuring their organisations are managing cyber risks effectively. The days of leaving that enormous responsibility to the IT team or to privacy compliance to handle are long over, as these are clearly whole-company risks to operations, data, and brands.”
Co-Chair of the Presidential Task Force on Cybersecurity Søren Skibsted added, “Now more than ever, senior executives and boards of directors need to better understand the strategic essence of cyber resilience, and it is our hope that this guide will serve as a catalyst for senior executives and boards of directors to accept accountability for – and enable impactful actions with respect to – advancing their organisations’ overall cyber capabilities and resilience.”
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst
