The recent crisis in the economy with the failure of the high profile corporatehas illuminatedthespotfor the participation ofthecorporate governance. Being a corporate governance consultant to the company which is listed in the AustralianStock Exchange and ranked with ASX 200, it is my job to help the company build a better board. This will help the company to develop betterprocedures and practices that are applicable to the corporate and board’s secretary office regarding cyber resilience.This would assist the company in meeting 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 ensures the business organization to gain complete protection of the procedures and practices of governance.This has to be doen as the needs of the organization has to be devised as a responsibility on my part being the corporate governance consultant (Vugrin & Turgeon, 2014).
Implementation of cyber resilience at thecorporate board level is essential and relates to themanagement ofrisk inthecyber ecosystem ofthecompany. This will not be achieved with the conventional information security. Risk management in regards to thecyber resilience has to be an ongoing process of identification, assessment and response to the risk. According to Abdullah, Ismail & Nachum, 2016,the fact that the global digital environment of thecompany comprisingof the digital information technologies constructs the key nervous system on which the economic and social activity depends has to be considered.
The internal operation and communication of the company with the suppliers and the customers need to be revolutionized with the developmentof thecyber resiliencewhich is necessary for the reinvention of the company.As the corporate governance consultant, the fact that cyber resilienceenhances thebusiness operation, effectiveness of the operations, and the trust that the company has on its internal structure needs to be worked upon. It has been observed that breach in the cyber system of thebusinessorganization would result in stealing of intellectual property, personal data and technically confidential information of the company. This further leads to the disruptionof the critical systems of businessof the company. Theimpact can be very dominating and damaging to the reputationof the company and loss of competitive advantage.This can further result in loss of competitive advantage for the company (Agrawal & Cooper, 2017).
By integrating enhanced cyberresilience in the internal structure of the company, important measures foraddressingsuch risks can be done effectively. It provides the companywith the confidence for 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 ofthecyber resilienceacross the company form theboard to those accountable for managing InformationTechnology andall theemployees who happen to haveaccess to Information Technology.
The strategies to integrate cyber resilience in the internal structure of the companyneeds tofocuson the view oftheBoard which describes cyber resilience to be more a matter of culture and strategy thantactics (Westphal & Zajac, 2013).Thecompanyrequires the individuals atthehighest levelsof the management for recognizing the significanceof proactively mitigating the cyber risks. It is theresponsibilityof every individual in the company for cooperating so as to ensure enhanced cyber resilience whilethe leaders of thecompanyhave to devise the strategy leading tothe cyber resilience in the strategy of the organization (Armstrong, et al., 2015).
In order to counter the cyber risks, the company needs to take theadvantage of theopportunities that are presentedbytheenhanced technological developments in network technology which is currently in the initial stages (Bell, Filatotchev & Aguilera, 2014).
The process of improving thecyber resilienceof thecompanywould integrate cyberresiliencesecurity and protocols and the best practices and policies which are mentioned as follows:
The instances wherethe useof cyberresilience has been put into practice in business organisations which can help the company is imbibing the protocols of cyber resilience aredescribed below:
The purpose of all these instances regarding cyber resilienceis to ensure the fact that the company can very conveniently deliver the strategy of its businessand the desiredoutcomes of businessby aligning the steps of the cyber resilience tothebusiness outcomes (Misangyi & Acharya, 2014).
The board of the company needsto include the principleof cyber resilience inthe internal structure ofthecorporate boar. These includethe taking accountability for cyber resilience. The board needs to takethe entire accountability ofover sightingthe cyberresilience and risks. The board needsto 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 capabilitiesof the company and regulating the progress of cyber resilience inexecuting goals associated with the cyberresilience. The board needs to have an eagerness to resolve risk in the cyber security which will be enhanced by quantifying and defining the risk tolerance in the businesson an annual basisin orientation of thecorporate strategy. Theboard needs to further devise and ensure the resilienceplans by facilitating the support to the officer who is in charge and accountable fortheimplementation ofthe cyber resilienceby testing, creation , implementation and improving the plans for cyber resiliencethatare harmonized with the businessofthe company. The board ofthe company needs to have a command over the cyber resilience andensure regular updates ofthe trendsregarding cyber resilience and thealert regarding threats with the assistance and recommendationsform theindependent expertsbelonging to external source which can beavailable on being requested. The board of the company further needs to ensurethe integration of the management into cyber resilienceand assessments of the cyber risk intothe overall risk management ofthecompany along with the resource and budget allocation (McCahery, Sautner & Starks, 2016). The corporate board of the company also needs for having regular assessment and reporting of therisk. It would provide a validassessmentof the cyber threats, risk fordevising its own set of strategic assessments of risks byusing the Board Cyber Risk Framework (Michael & Goo, 2015).
Conclusion
In the constantly evolving threatening environment in the cyber space, conventional information security approaches in the corporate environment would be consideredto beincreasingly necessary, however it will not completely secure the individual companies. Thebusiness organization needs toestablish much of its base and confidence in their security maturity at the fundamental level,however, in materializing so, the companyneeds toidentify and accept that it will notbe ableto sustainand be successful in itsbusinesson its own.
The company needs to make investmentsnot only in appropriate technologies regarding cyber security but in having enhanced understanding of itsecosystem and associating with trusted partnersfor securing the company further. A flexible yet resilient cyber environment is a much valuable objective which can facilitate thecompany in implementing and operating thebusinessoperationswith an enhanced confidencein the security if the data and the systems. The company needs to look beyond its own borders andstart assessing its implicationson the cyber-attackon its suppliers, vendors and businessassociates. The company should also seek to developresilientand healthy cyberenvironment withthecollaborators they needs to communicate, interact and share information with.
References
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Agrawal, A. and Cooper, T., 2017. Corporate governance consequences of accounting scandals: Evidence from top management, CFO and auditor turnover. Quarterly Journal of Finance, 7(01), p.1650014.
Al-Janadi, Y., Rahman, R.A. and Omar, N.H., 2013. Corporate governance mechanisms and voluntary disclosure in Saudi Arabia. Corporate Governance, 4(4), pp.25-35.
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