Regulators, investors, and other stakeholders now see boards and executive management accountable for the effectiveness of their cyber and privacy risk governance processes.
While the board and executive leadership can be held accountable, management is responsible for implementing policies and procedures through which governance occurs within the organization. Without a defined structure and a mechanism by which governance is applied, roles may remain unclear and prevent management from executing their responsibilities in addressing their cyber and privacy risks. Those risks, whether unaddressed, misunderstood, or unidentified, can ultimately result in a data breach.
A 2018 study by the Ponemon Institute found the average total cost of a breach in the United States to be $7.91 million. In the healthcare sector, 60% of small- to mid-sized businesses will go out of business within six months of a breach. Regardless of the industry, data breaches can be costly but are preventable through effective risk management, driven by leadership.
Layer 8 Security can assist your organization in developing an operating model that can enhance management’s ability to implement governance and the board’s ability to exercise proper oversight. Whether just beginning or looking to improve, we can help define, develop, and implement your cyber and privacy risk governance operating model to enable to board and its committees to execute properly and with greater assurance they have done so.