I was preparing new written and presentation material on the role of CISOs in corporate governance and came across this very well-written piece on Kevin LaCroix's D&O Diary Journal by Greg Markel, Giovanna (Gina) Ferrari, and Sarah Fedner at Seyfarth Shaw LLP.
In today’s digital age, the Chief Information Security Officer (CISO) role is important and integral to corporate governance. CISOs are crucial in navigating the complex cybersecurity landscape, aligning with corporate objectives, and ensuring robust risk management practices.
You must align your program with the D&O's Duties of Care, Loyalty, Duty of Care, Disclosure/Candor, and Oversight.
🚨 When you are purchasing a vendor solution, does it meet these criteria so there is no concern about wasteful spending?
Here’s what every CISO should know:
⚠️ Enterprise Risk Management (ERM): CISOs are not just contributors but proactive contributors to the ERM process. They engage in risk adjudication and decision-making, going beyond just setting cybersecurity policies.
🎯 Board Communication: It is crucial to establish clear, consistent communication with the board about the health and maturity of the cybersecurity program. This fosters strong working relationships and reinforces the importance of cybersecurity.
👩🏽💼 Multifaceted Role: Modern CISOs must be more than technical specialists. They should also be effective program managers, relationship builders, culture leaders, and strategists.
🥷🏻 Compliance Expertise: It's crucial for CISOs to stay conversant with cybersecurity regulations. This ensures they can integrate compliance into security practices across the enterprise, keeping the organization updated.
🧠 Strategic Insight: Engage with the board on emerging trends and potential external partnerships that could enhance the company’s market position and competitive edge.
CISOs can drive their organizations toward a secure, resilient, and strategically aligned future by focusing on these areas.
#CyberSecurity #CISO #CorporateGovernance #RiskManagement #Compliance #BoardCommunication #DOCRA #DutyofCare
CEO & Co-founder at Kovrr | Cyber Risk Quantification
5moGreat article; thanks for sharing! Contextualizing compliance measures and various security control upgrades provides the information necessary for creating targeted mitigation plans that ACTUALLY lead to resilience. Ultimately, organizations need to consider the goal. While there's certainly a great deal of overlap between achieving compliance and mitigating cyber risks to the extent that meets risk appetite levels, they're not intrinsically connected. CISOs need a means of determining the tangible implications that security upgrades and compliance can have on the company (i.e., reduction in financial exposure) to adopt this necessary risk-first approach.