Introduction:This guide presents insights and actionable steps for senior managers and boards of directors to protect their organizations against cyber-attacks. The report, titled "Global perspectives on protecting against cyber risks: best governance practices for senior executives and boards of directors," is a first-of-its-kind global perspective on key governance practices. It draws from ten jurisdictions and offers comparative analysis with international case studies.1. Understanding the Cyber Risk Profile:- Companies must thoroughly understand their organization's cyber risk profile.- Identify potential vulnerabilities and weaknesses that cyber attackers could exploit.- Regularly assess and update the cyber risk profile to stay proactive in mitigating threats.2. Cybersecurity Expertise:- Ensure the board and management have sufficient cybersecurity expertise.- Appoint or engage cybersecurity experts to advise on best practices and risk management.- Stay updated with the latest trends and developments in cybersecurity.3. Reporting Lines for Cyber Risks:- Establish appropriate reporting lines so that cyber risks are promptly raised to leadership.- Encourage open communication between IT teams, security personnel, and management.- Ensure that the board is kept informed of cybersecurity incidents and response measures.4. Adequate Investment in Cybersecurity:- Allocate sufficient funds to meet cybersecurity goals and enhance cyber resilience.- Understand that investing in cybersecurity is an essential aspect of protecting the organization.- Regularly review and update the budget based on the evolving threat landscape.5. Cyber Incident Response Plans:- Review, understand, and test the organization's cyber incident response plans.- Regularly conduct mock drills to assess the effectiveness of the response plans.- Make necessary adjustments to improve the organization's ability to handle cyber incidents.6. Role of Senior Management:- Senior management plays a crucial role in day-to-day operations and cybersecurity governance.- They must map cybersecurity risks, identify high-priority concerns, and make informed decisions.- Responsible for ensuring internal compliance and suggesting timely analysis/assessments and updates.7. Bridging Knowledge Gaps:- Set guidelines and standards beyond national legislation to bridge existing knowledge gaps.- Acknowledge shared accountability between senior management and boards for cybersecurity.- Promote cross-functional collaboration to enhance cybersecurity practices.8. Top-Down Approach:- Ensure the board has a thorough understanding of financial and legal risks related to cybersecurity.- Emphasize a top-down approach to cybersecurity prioritization.- Implement recent enacted legislation that holds boards accountable for cybersecurity oversight.The new report expands upon the IBA Cybersecurity Guidelines (2018).
