Acronis shared a new report by World Economic Forum (WEF) Centre for Cybersecurity. It highlights the importance of cybersecurity in a nation, and its failure is a “clear and present danger” and critical global threat.

The Principles for Board Governance of Cyber Risk Report revealed that boards of directors need to play a more active role in protecting their organization from cyber risks – and provides a solution to this fragmentation.

Organizations are facing a significant increase in cyber risk all over the world. About 31% of companies are now experiencing a cyberattack at least once a day. This trend is expected to skyrocket as cybercriminals employ AI and automation to improve their attacks.

Furthermore, over 1,000 companies globally had their data leaked following a ransomware attack in 2020. This trend is also expected to increase as data exfiltration surpasses encryption as the primary attack tactic for cybercriminals.

With insights from Acronis and other leaders in digital risk and cybersecurity, the expert-led team identified six principles that apply to a broader audience of boards and management teams, specifically:

  • Cybersecurity is a strategic business enabler
  • Understand the economic drivers and impact of cyber risk
  • Align cyber-risk management with business needs
  • Ensure organizational design supports cybersecurity
  • Incorporate cybersecurity expertise into board governance
  • Encourage systemic resilience and collaboration

Interested in reading about the report can check the full document here.

 

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