BUSINESS INSIGHTS
HOW AN OVERSIGHT COMMITTEE FOCUSED ON CYBERSECURITY CAN PROTECT THE VALUE OF YOUR BUSINESS
Cybersecurity is not an area which businesses can ignore , but with budgets being squeezed , it is important to know you are getting a return on your investment . One way to ensure this is to form an oversight committee focusing on investments in cybersecurity . Raghu Nandakumara , Head of Industry Solutions at Illumio , explains how an oversight committee can help you optimise cybersecurity .
Enterprises are caught between a rock and a hard place when it comes to cybersecurity . The average global cost of a data breach increased to US $ 4.35 million in 2022 , so we can ' t afford to take cyberdefences lightly . Yet in a recession , budgets in all areas will be squeezed , including cybersecurity .
It will be more important than ever to ensure that every penny invested in cybersecurity counts . Forming an oversight committee is one effective way to ensure that investments in cybersecurity capabilities are delivering a tangible return on investment ( ROI ). Having a specialist committee help to set baseline expectations and deliver accountability can ensure a move towards best-in-class security practices .
Such committees are a longstanding practice for other business areas but a relatively new approach for cyber . So , how can an oversight committee help improve your security and deliver significant
ROI , and importantly , how can you start forming your own ?
How oversight committees enhance cyber-resilience
Oversight committees are a common component of most organisations once they reach a certain size . Different areas , such as risk management and legal , will have subcommittees headed by various board members , other senior leaders and potentially external consultants . The
66 www . intelligentcxo . com