Why Boards of Public Companies Must Prioritize Supporting Their CISOs

Empowering Boards to Tackle Cyber Risks: Ensuring CISO Support, Ransomware Readiness, and Strategic Cybersecurity Oversight

Cybersecurity is not just a technical issue; it is a critical business priority. The frequency and severity of cyberattacks continue to rise, and boards of public companies are under immense pressure to ensure their organizations are well-protected. Chief Information Security Officers (CISOs) are the front line in this battle, tasked with identifying and mitigating cyber risks. However, many boards struggle to fully comprehend the complexity of these risks, and the disconnect between CISOs and corporate boards can have serious consequences.

A recent study by the Wall Street Journal revealed that 98% of corporate directors lack cybersecurity expertise. This knowledge gap leaves boards vulnerable, often unable to discern the true magnitude of risks beneath polished reports. Without a clear understanding of the evolving threat landscape, boards may inadvertently overrule or overlook crucial insights from their CISOs, leaving the organization exposed to significant vulnerabilities. As cyber threats become more sophisticated, from ransomware attacks to data breaches, the repercussions of such oversight can be catastrophic, leading to financial losses, operational disruptions, and long-term reputational damage.

The Role of CISOs in Protecting Public Companies

There is ongoing debate about whether CISOs should have a formal seat at the boardroom table, but their role is undeniably pivotal. Cyberattacks, particularly ransomware incidents, pose both operational and reputational threats to organizations. These attacks can shut down business operations for extended periods, resulting in costly downtime and the potential loss of sensitive customer or business data. In some cases, ransomware demands can escalate into the millions, forcing businesses to make tough decisions under immense pressure.

The introduction of new SEC rules mandating the timely reporting of cyber incidents adds another layer of accountability. These regulations, coupled with evolving privacy laws, place greater emphasis on the need for boards to be actively engaged in their organization’s cybersecurity strategy. It is no longer enough for boards to receive periodic updates; they must take an active role in shaping their company’s response to cyber threats and ensuring the CISO’s insights are adequately considered.

Boards Must Ask the Right Questions

Boards of public companies must improve their cybersecurity awareness and begin asking the right questions. By fostering open dialogue with their CISOs, boards can gain a clearer understanding of their organization’s cyber risk profile. Here are several questions to guide these discussions:

1. How prepared is the company for a ransomware attack?
   Ransomware is one of the most pervasive and damaging cyber threats today. Boards need to understand whether their company has undergone a comprehensive Ransomware Readiness Assessment to evaluate existing defenses and identify gaps in their incident response capabilities.
2. What are the company’s incident response plans?
   Boards must be aware of the organization’s readiness to respond to a cyber incident. Are there detailed playbooks in place? Has the company tested these plans through tabletop exercises or simulations?
3. How does the company handle threat intelligence and detection?
   Boards need to ensure the company has access to the latest threat intelligence to stay ahead of emerging cyber risks. What measures are in place for early detection of cyber threats, including advanced persistent threats (APTs) and ransomware?
4. Is the company prepared for regulatory scrutiny?
   With new SEC rules on cyber incident reporting, companies must be ready to handle regulatory inquiries. Does the board have visibility into the company’s compliance efforts, and is the CISO involved in ensuring the company is meeting these legal requirements?

The Importance of Ransomware Readiness

Ransomware attacks have become one of the most significant threats to public companies, and the financial and operational damage they cause can be devastating. A Ransomware Readiness Assessment is a critical step in evaluating how prepared your organization is to prevent, detect, and respond to these attacks. At CYPFER, we specialize in conducting in-depth assessments that identify potential vulnerabilities and offer practical solutions to strengthen your defenses.

Our Ransomware Readiness Assessments cover:

• Identification of vulnerabilities: We pinpoint areas where your organization may be at risk of a ransomware attack.
• Incident response planning: We review your existing incident response plans and ensure they are robust enough to handle a full-scale ransomware event.
• Mitigation strategies: We provide actionable recommendations to minimize the likelihood of a successful attack and reduce the impact if one does occur.

Zero-Dollar Retainer with CYPFER: Be Prepared Without the Upfront Cost

One way boards can ensure their organization is prepared for ransomware and other cyber threats is by signing up for CYPFER’s Zero-Dollar Retainer program. This offering allows companies to engage with CYPFER without any upfront costs. By enrolling in the program, your organization gains immediate access to our team of cybersecurity experts, who will be on standby to provide critical incident response services when you need them most. This proactive approach gives your board peace of mind, knowing you are ready to act swiftly in the event of a cyber incident.

By engaging in a Zero-Dollar Retainer, you:

• Gain immediate access to experts: Have a team of cybersecurity professionals ready to respond 24/7 to any cyber incident.
• Avoid costly delays: In the midst of an attack, every second counts. A retainer ensures that time isn’t wasted negotiating contracts while your business suffers.
• Benefit from expert advisory services: Receive ongoing support and advice from our seasoned cybersecurity specialists to strengthen your defenses and minimize risk.

Strengthen Your Board’s Cybersecurity Posture with CYPFER

Are your company’s cyber defenses strong enough to withstand today’s most advanced threats? It’s time to prioritize cybersecurity at the board level and ensure your organization is prepared. At CYPFER, we offer comprehensive Ransomware Readiness Assessments and expert advisory services tailored to your unique needs. With our Zero-Dollar Retainer program, you can secure immediate access to the support you need—without the upfront cost.

Contact CYPFER today to learn more about how we can help your board navigate the complexities of cyber risk and safeguard your organization’s future. Make informed decisions, protect your business, and maintain operational resilience with the help of our global cybersecurity experts.