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“Cyberattacks are now the foremost risk to the global financial system, even more so than the lending and liquidity risks that led to the 2008 financial crisis, according to Federal Reserve Chairman Jerome Powell.” (CNN interview 2021)
Global organizations are facing growing cyber threats estimated to cost US $10.29 trillion by 2025. (Statista, 2023)
The Boards Fiduciary Responsibility
Board members have the ultimate responsibility for their organization’s cybersecurity posture. Fiduciary duties include oversight, risk mitigation, and regulatory compliance. Personal liability is a potential consequence of negligence in cybersecurity governance.
Challenges Boards Face
A lack of a common language between board members and the cybersecurity team. This causes difficulty in aligning cybersecurity with enterprise risk management (ERM). Given the increased scrutiny by US and international regulatory organizations, boards need to demonstrate that they are monitoring compliance across multiple jurisdictions.
Need For a Proactive Cybersecurity Governance Strategy
Traditional approaches are failing because of the rapid evolution of cyber threats. Fragmented governance leads to gaps in compliance and risk visibility. Boards often lack structured mechanisms to assess their cybersecurity effectiveness. Continuous monitoring and audit-ready reporting are essential for regulatory compliance. Effective governance requires clear communication between technical teams and the board.