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How Boards Can Manage A Cyber Attack: Emphasizing Cyber Governance Models for Informed Decision-Making

In this insightful video, Fi Mercer, sheds light on the key role of the Board in understanding and managing top risks, particularly in the context of cyber threats. The discussion emphasizes the importance of incorporating cyber as a permanent agenda item and integrating it into the risk committee's responsibilities. By fostering curiosity and encouraging informed questioning, Boards can create a cybersecurity-aware culture within the organization.

Fi Mercer emphasizes the need for Boards to actively engage with cyber risks by adding it as a standing agenda item. By doing so, Boards can consistently discuss cyber concerns and stay informed about the evolving threat landscape. This proactive approach empowers directors to become aware of potential vulnerabilities and the impact cyber attacks can have on the organization's reputation, operations, and stakeholder trust.

The risk committee plays a crucial role in managing cyber risks effectively. Fi Mercer highlights the value of having cyber-related discussions and scenarios brought to the Board by the risk committee. This ensures that cyber risk is thoroughly assessed and addressed by experts who can provide valuable insights to the Board. By involving the risk committee, Boards can gain a deeper understanding of the organization's cyber risk posture and make well-informed decisions.

Fi Mercer acknowledges that Board members do not need to be cybersecurity experts, but they should display a strong sense of curiosity. Asking questions and seeking clarity on cyber matters fosters a culture of cybersecurity awareness and responsibility throughout the organization. This culture encourages proactive measures to mitigate cyber risks, enhancing the overall cyber resilience of the organization.

Furthermore, Fi Mercer discusses the importance of strong connections between the Board, executive team, and staff. Cyber committees can be designated to focus specifically on cybersecurity when organizations recognize its significance as a major risk. These committees bring in cyber experts who can provide specialized knowledge and guidance to address cyber threats effectively.

In conclusion, this video highlights the critical role of Boards in managing cyber attacks and emphasizes the importance of cyber governance models for informed decision-making. By incorporating cyber as a permanent agenda item, engaging the risk committee, and encouraging curiosity, Boards can create a proactive cybersecurity culture within their organizations. Empowered by cyber-aware leadership and strategic insights, Australian businesses can better protect themselves against cyber threats and maintain their competitive edge in an ever-evolving digital landscape.