Today, with the vast amount of sensitive data being exchanged digitally and the increased use of personal devices and home networks, cyberattacks across platforms are on the rise. A possible cyberattack can impact not only the company’s bottom line, but also the company’s reputation companies have the added burden of reputation and litigation losses that affect the overall functioning of the enterprise.
Leading companies view cyber risks in the same way they do any other enterprise-wide risk
Corporate executive boards must align the cyber risk program with a detailed business risk program. This program must reflect a good understanding of likely cyber threats, data assets most at risk, potential impact if these assets get compromised, regulations, and organizations’ legal obligations. Boards with relevant cybersecurity knowledge can ask the right questions and monitor the effectiveness of management plans and incident response. They can make appropriate decisions that help reduce the risk of disruption and loss that can impact the organization, its customers, and its shareholders. As the board’s role in cyber risk oversight evolves, the significance of having strong, dialogue with management increases. Without close communication between boards and management, the organization can be at even greater risk.
Boards need adequate access to cybersecurity expertise
Cyberattacks are best addressed quickly. Boards without cybersecurity experts can lack the ability to take immediate action to combat the impact of the breach, which can negatively impact the reputation of business groups, customers, partners, and brands. To effectively prepare for and respond to cyberthreats, corporate boards must consider the following procedures:
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Maintain records of discussions about cybersecurity and cyber risks
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Stay informed about industry, region, and sector-specific requirements that apply to the organization including any laws and requirements that might be established at the regional, state, and local level
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Analyze evolving risks in relation to business resilience and response plans
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Determine in advance what to disclose in the wake of a cyberattack.Determine in advance what to disclose in the wake of a cyberattack
Oracle helps address boards’ top security concerns
Oracle Cloud Infrastructure (OCI) security offers a comprehensive set of simple, prescriptive, and integrated security capabilities to help corporate executive boards and security leaders to identify potential cybersecurity risks. Oracle believes that customers don’t need to trade between security and cost. So, security is foundational and built into the architecture of OCI. Oracle’s approach to helping boards address the top security concerns includes the following concepts:
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Security (Legacy): Protect the most valuable data in the cloud and on-premises with Oracle’s security-first approach. Oracle has decades of experience securing data and applications. OCI incorporates built-in security that can help organizations protect their infrastructure, apps, and data against cyberattacks and adhere to compliance mandates such as EU’s General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA), and much more.
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Data privacy: Oracle helps companies comply with data privacy principles with OCI privacy features. As a cloud provider, Oracle has no visibility into the data that an organization stores and processes in OCI, why it was collected, or whether it’s processed beyond any purpose that a company has communicated to its end users.
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Compliance: Oracle is committed to helping its customers operate globally in fast-changing business environment and address the challenges of an ever more complex regulatory environment. Oracle pursues many programs that audit OCI and help customers address compliance with global, regional, and industry-specific certifications.
Want to know more?
To learn more how the Oracle Cloud Infrastructure can help address the cybersecurity concerns of your board’s members, read the cloud security trends ebook.
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