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August 3, 2022
A sweeping cybersecurity initiative that began in the U.S. federal sector in 2021 has since spurred transformative security conversations across the country’s private organizations.
Catalyzed by post-pandemic cyber threat trends, such as spiking ransomware attacks, the United States government announced Executive Order (EO) 14028 in May 2021 to ensure that critical American infrastructure is protected with robust cybersecurity practices. Less than a year later, the Securities and Exchange Commission (SEC) proposed that all publicly traded companies should be required to disclose cybersecurity incidents and submit periodic reports. According to the press release, this proposal also requires “periodic reporting about a registrant’s policies and procedures to identify and manage cybersecurity risks; the registrant’s board of directors' oversight of cybersecurity risk; and management’s role and expertise in assessing and managing cybersecurity risk and implementing cybersecurity policies and procedures.”
From a high level, these initiatives mean that U.S. organizations now have expectations from federal and state levels to invest in their current cybersecurity programs in order to meet new compliancy standards. Drilling deeper, they encourage companies across all sectors to have “baked in” cyber risk solutions at their fingertips.
This brings us to the board — and the C-suite — whose members make difficult decisions for the greater good of a company. In modern times, such decisions include the enterprise’s strategic handling of cyber incidents or attacks. Therefore, board members must position themselves as best they can to make the most challenging choices for their organization. And that starts with asking the right questions.
Here are the top five questions that board members should be asking now to keep ahead of the curve:
Current events and an expanding global attack surface have indicated that suffering a cyber incident is only a matter of time for virtually any organization. CRS helps you identify your mission-critical assets — that is, your systems, applications, data and resources — then helps protect these in an immutable, air-gapped vault. The solution then establishes an incident response action plan to rapidly recover in the event of attack, expediting your operations back to normal and limiting the damage inflicted on your business.
While EO 14028 is mainly geared toward federal agencies, its guidelines for securing supply chains and verifying third parties are both relevant and applicable across all industry verticals. And with the latest SEC proposals coming quickly down the pike, there’s no better time than right now to start asking the right questions at the boardroom table.
Optiv Security: Secure greatness.™
Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to nearly 6,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential. For more information, visit www.optiv.com.
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