With a large digital shift impacting the financial sector along with the ongoing pandemic, financial firms have had to change the way they tackle cybersecurity. This has resulted in firms creating specialized boards to focus on handling cyberthreats against the organizations. McKinsey recently surveyed financial service firms to understand how their boards view and understand cybersecurity risks within their company.
The survey focused on three areas, oversight, structure, and awareness and understanding to gain more insight into the firms operation methods. In terms of oversight, they found that firms are now dedicating more time to covering cyberrisks with briefings being held a few times each year. They believe that these briefings allow top executives to have a greater understanding of the firm’s cyberrisks and how they relate to financial security. The structure of handling cyberrisks has also improved with risk and audit committees being formed in more and more firms. These committees primarily deal with cyberrisks and brief other teams about their threats. Finally, as firms are seeing an increase in awareness and understanding, they have been warned not to get too caught up in a large number of metrics.
Overall, financial firms are seeing more advanced cybersecurity boards as a result of an increase in cyberthreats. As these boards begin to form, it’s important that they’re equipped with the proper tools, knowledge, and skills to successfully deflect cyberthreats.
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