THROUGH A CYBER LENS: Guidance applies ERM framework to cyber risk.

Author:Mccollum, T.
 
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A stronger board focus on cybersecurity means adding experts in managing those risks, says guidance from The Committee of Sponsoring Organizations of the Tread-way Commission (COSO). Authored by Deloitte, Managing Cyber Risk in a Digital Age applies COSO's Enterprise Risk Management--Integrating With Strategy and Performance framework to cyber risk.

COSO Chairman Paul Sobel notes that boards and senior executives must set a strong tone at the top about cyber risk and "challenge the status quo of their ERM programs." He says, "A business-as-usual approach to cyber risk management is bound to result in catastrophic damage." Not only are threats rising, but regulators are requiring boards and senior management to address them, says report co-author Mary Galligan, managing director in cyber risk services at Deloitte & Touche LLP.

The report recommends organizations set up a team of senior executives to assess and manage...

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