> continued
However, post-election, boards have become more focused on cost-saving and austerity measures, complicating any desire or need to invest more on cybersecurity capabilities. In Asia, decision-making tends to take a long time.
Rao agrees, pointing out that in his opinion, boards are sometimes out of touch with the realities on the ground. This is further reinforced by the fact that Malaysia scored the highest on the power distance index compared to other countries -- meaning Malaysian culture espouses a high level of deference for authority. Thus, those lower in the job hierarchy might find it difficult to raise issues or communicate disagreement with those at a more senior level.
For boards, it is crucial to have the awareness that risk management assists with business, not just with compliance. The session closed out with a Q&A, during which Ramesh Pillai, Group Managing Director of Friday Concepts Risk Consulting, pointed out that by highlighting the opportunity in risks rather than the hazards can help during communication with boards.
15 The IERP®Monthly Newsletter August 2018