Cyberattack: A risk management primer for CEOs and directors

BNAC 48 Cyber Attack: A risk management primer for CEOs and Directors.

The British-North American Committee (BNAC) is a group of leaders from business, labour, and academia in Canada, the United Kingdom and the United States, committed to harmonious, constructive relations among the three countries and their citizens. It meets regularly to discuss common concerns with invited experts and senior policymakers. Its research and publishing programme seeks to discover and disseminate potential solutions to timely and topical issues. While nonpartisan and supportive of closer economic and political relations on a broad international basis, the BNAC believes that close personal ties and cooperation among leaders from various spheres in the three countries will play, in the future as in the past, a special role in promoting global security and prosperity.

This guide is designed for busy CEOs and Directors who need to protect their business from the cyber security threat. BNAC - Cyber Security - Final report (121207).pdf

Executive Summary:

Today’s businesses rely increasingly on corporate IT networks and their connection with the global Internet as the backbone of their sales, sourcing, operating, and financial systems. However, the convenience of global connectivity comes at a cost—the vulnerability of network
infrastructures and systems to the malicious actions of cyber criminals and espionage agencies. Yet few CEOs or managing directors are prepared to lead their companies against these dangers. Too often CEOs and directors fail to understand the level of potential risk and liability, and cede responsibility for dealing with cyber attacks to their IT department. Instead, leaders of corporations, nongovernmental and not-for-profit organizations, and public sector agencies in the 21st century must know enough to at least ask the right questions of their chief information officer.
No business, government, nongovernmental, or other organization of whatever size is invulnerable to cyber attacks. Business owners and executives, including managing directors,
cannot afford to put at risk the security and stability of their operating and financial systems, confidential information, intellectual property, and business transactions to cyber predators through lack of knowledge or initiative. Just as CEOs and directors are responsible for ensuring that their chief financial officer has managed their funds appropriately, so they must be convinced that the CIO has taken all reasonable and prudent steps to safeguard the company’s
digital resources. Moreover, the nature of the Internet demands hat corporate officers extend these concerns to their business partners, suppliers, and vendors, by insisting that they also take precautions against electronic aggression that could put both parties at risk.