Cyber risks can impact shareholder value, tarnish the brand and expose the company to litigation.
"Our IT systems are as safe as Fort Knox," an oil and gas company executive stated with absolute confidence.
However, based on a cyber breach at several peers, the company decided to engage us to examine its information security program — just to be sure.
Two days into an assessment of the organization's network, our team discovered that an attacker from a foreign jurisdiction was stealing intellectual property.
The executive who had so firmly attested to the security of the company's network was not the only one surprised by the findings. The board of directors and audit committee were so taken aback by the breach that they mandated that the company completely rethink its approach to information security.
Senior executives acknowledge that information security and cyber threats exist, but often are in denial that it can happen to them. And worse, they often leave managing those threats to just the IT security department.
Beyond the fear of a cyber breach is the emerging importance of effective technology risk management functions as an enabler to business performance by speeding product introductions and empowering employees to safely use tools like social media.Our series, 5: insights for executives, explores the questions:
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