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Technology risk management in a cyber world: a C-suite responsibility - EY - Global

Technology risk management in a cyber world: a C-suite responsibility

Technology risk management: turning risk into results

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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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 The answers in the issue are supplied by:
Brian Wedge
Bernie Wedge
Americas ITRA Leader
+1 404 817 5120
Herb Schul
Dan Casciano
Americas IT Risk
Management Leader
+1 336 605 7801
Herb Schul
Jose Granado
Americas Information
Security Leader
+1 713 750 8671

Inside

Answers to your questions, at a glance

5: insights for executives series asks five questions to get to the core of an issue – and answers them at a glance.

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