7 Critical Cyber Security Questions Your Board Must Ask
If you have ever got an opportunity to work in an IT department of any organization, you might be familiar with the challenges. The constant demands for cost cutting and delivering business value combined with the securing critical digital assets can push you to your limits. On the other side of the coin, there are IT managers and top level executives who you are answerable to. They are the people in charge and want the best results from IT department.
If you are not sure what questions they will ask you when you present in front of them, then this article will help you prepare for that. In this article, you will learn about seven key cyber security questions that your board will ask.
1. Do we have The Information to Assess Cyber Security Risks?
According to a recent survey conducted by PWC, Only36%board members have shown faith in company’s cyber security reporting metrics. That is why you see board members asking questions like “Do we have the right information to oversee cyber security threats and risks?” If you answer this question in negative, the next question that comes your way would be “How can we get that information?” Answering these questions can be tricky if you don’t understand the monitoring process used to identify cyber security threats.
2. How effective is our cyber security strategy?
Another common question that is frequently asked by board members in board meetings is about cyber security strategy. They may have some reservations on the cyber security strategy you are currently implementing and might also give some suggestions on how to improve it. Take their feedback seriously; you never know it might give you a new perspective on cyber security after a board meeting. Get all the stakeholders on board and take input from them to create an effective cyber security strategy. Having a cyber security strategy is critical as it gives you direction and tells you how to react in tough situations.
3. Do We Have Cyber Insurance?
Yes, this question might catch you a little off guard because you have never thought about getting a cyber security insurance but it is important to think along these lines. The ever increasing cost of cyber attacks and the financial and reputation damage it can do to a business warrants businesses to get a cyber insurance. It might cost you money but when you compare it with the financial losses you incur due to a cyber attack, it seems like a sensible investment.
If you already have cyber insurance, board members should understand the scope and details of the insurance policy. Once they are clear on the cyber insurance policy, board members will inquire about the tools and infrastructure used in monitoring security parameters. Cyber insurance gives you the peace of mind in an unexpectedly murky world of cyber security that you wont find with anything else.
4. How We Protect Sensitive Information Stored By Third Party Vendors?
Some of your data might be stored on cheap dedicated servers internally but others might be stored with third party vendors externally. What about the security of that data which is stored with third party vendors? How we protect that sensitive information? Be ready to answer these questions as board members will ask these questions during the meeting. With the number of security issues originating from business partners and vendors increasing with each passing day, you need to tighten up the vetting process of third party vendors before signing a deal with them. Conduct regular audits of third party vendors so you don’t have to pay for their mistakes.
5. Are we prepared for the latest cyber security threats?
The pace at which cyber security industry is evolving is mind boggling. What is today a buzzword will quickly become history few years later. That is why it is important to keep an eye on latest IT security trends. This means that you will have to constantly update your cyber security in order to protect against emerging threats. Board members will surely inquire about your preparation and capabilities to deal with latest cyber security attacks. Educate your employees as they are the weakest link and increase awareness. Organize training sessions that help you develop a better understanding of how these cyber attacks are executed. This will go a long way in protecting your employees from social engineering attacks. Look for vulnerability in your current systems and ensure that you keep your security programs updated to protect against latest cyber security threats.
6. How effective is our data governance strategy?
Remember the first question regarding the information to assess cyber security risk. This question is derived from that question. If you have all the information needed to predict cyber attacks then what is your data governance strategy and policy. Board members and higher management will look at your current data storage and management processes and will ask you to plug in the gaps, if there are any, as soon as possible. Make sure that all the teams are on the same page when it comes to implementing data security policies otherwise, you will struggle to implement it and even if you do manage to implement it, you won’t get the real benefits.
7. Do we have a response plan and strategy?
Last but certainly not the least is response plan and strategy. What if your business comes under a cyber attack? Do you have a response plan? If you do, how effective it is in mitigating the cyber security risks? Have you ever run cyber attack simulations to test the strength of your system and network? Do you have a quick reaction force strategy when you have fallen victim to a data breach? All these questions will be put forward by board members and you should be able to answer them.
Which cyber security questions does your board ask? Feel free to share it with us in the comments section below.