Recognising the importance of protecting organisations from the impact of cyber-attacks has never been more vital. The prevalence of attacks across all organisations and all sectors is now reported to be at a level that four in ten businesses, and three in ten charities have experienced a cyber based attack in the last 12 months.
Cyber-attacks, can cripple organisations, disrupt functions, erode trust, and devast financial stability. Additionally, this may also potentially lead to legislative fines if personal identifiable data is breached. It has also been reported that a ransomware attack on the NHS had contributed to a patient’s death.
The Cyber Governance Code of Practice (The Code) is not just another regulation. Its aim is to highlight to board members their responsibilities towards cyber resilience measures. It is a tool to empower organisations to identify actions to take to mitigate cyber threats. The framework provides actionable measures for boards and committees to own, to navigate this complex, and high risk area. The Code can be a powerful tool for boards to articulate their level of risk exposure, and risk appetite, to develop mitigation strategies which align with their operational priorities.
We would welcome your enquiry on how TIAA can assist your Board / Audit and Risk Committee in assessing your Cyber Governance Code of Practice maturity. We can also provide support by facilitation of the NCSC Cyber Security Toolkit for Boards. In addition, we offer Board / Executive Management focussed training, briefing and mentoring to assist in development of robust cyber security management systems, to address any gaps in your governance arrangements.
Useful links
https://www.gov.uk/government/publications/cyber-governance-code-of-practice
https://www.bbc.co.uk/news/articles/c8xv44l5gdgo
https://www.oxford.gov.uk/news/article/1704/statement-on-cyber-security-incident
https://www.bbc.co.uk/news/articles/cp3ly4v2kp2o
For more Information please contact Peter Sheppard, Director – Digital at Contact Us.