Cyber risk does not discriminate — it affects organizations of all sizes and in all industries. And global boards and executives don’t consider it a top ten risk just for 2021 — cyber threats are expected to still be a major risk in 2030. The August issue of Tone at the Top, “Confronting the Cybersecurity Monster,” explores steps that boards can take to enhance their oversight of cyber risks, as well as ways internal audit can collaborate with the organization’s cybersecurity experts to verify that plans are being executed as intended and are adequate to the task.
With global cybercrime expected to jump 15% per year and its annual impact predicted to hit $10.5 trillion by 2025, it is imperative that any existing vulnerabilities, as well as new ones created by the COVID-19 pandemic, are fully understood and addressed. This issue outlines various strategies to help boards tackle cyber risk, including maintaining a keen grasp of the organization’s cyber risk profile, embracing their oversight role, and practicing healthy skepticism to ensure they have a clear-eyed understanding of strengths, weaknesses, and vulnerabilities.