Enhancing Boards Cyber Risk Oversight/ 23-Apr-2019 - 27-Apr-2019

Background

With the increasing digitalization of corporate asset, there has been a corresponding increase in the digitalisation of corporate risks. Consequently, financial institutions are confronted with cybersecurity risks more the ever before. Cyber risk is a serious enterprise-level risk that affects virtually all levels of an organisation’s operating activities. Several issues combine to make the nature of the risk formidable: its complexity and speed of evolution; the potential for significant financial, and reputational damage; and the realisation that total protection may be an unrealistic objective. With cyber attacks and data leakage growing in numbers and complexities, posing daily threats to financial institutions across the globe, the boards of these institutions are more than ever before challenged to improve their oversight of cybersecurity, with greater resilient, transparency and diligence. Cyber-attacks can damage an organisation’s reputation, threaten intellectual and physical property, impact market value, as well as erode stakeholders’ confidence and goodwill. Considering the adverse impact of this scourge on financial institutions, effective management of cyber risks becomes not only a business and strategic imperative, but also a critical aspect of the board oversight roles and responsibilities. Directors must continuously assess their capacity to address cybersecurity, both in terms of their own fiduciary responsibility, as well as their oversight of management activities. Ultimately, cybersecurity is a human issue. The board must bring its judgment to bear and provide effective guidance to management, by ensuring that the organisation’s cybersecurity strategy is appropriately defined and sufficiently resilient, given its strategic imperative and the reality of the business ecosystem in which it operates.

Target Participants

Chairmen of Boards, CEOs, Non-Executive and Executive Directors, Chief Information Security Officer (CISO), Chief Information Officers (CIO), and Chief Risk Officers of Banks and Other Financial Institutions.

Objectives

Learn how technology used by banks influences the banks’ cybersecurity risk
Describe the regulatory environment for cybersecurity, including CBN requirements and financial regulatory guidance
Explain the cyber security responsibilities assigned to the board of directors
Identify risk stressors that affect the level of cyber risk
Review the key activities included in an effective cyber risk management program
Examine potential cybersecurity threats and risks facing financial institutions and how they can affect financial institutions
Formulate strategies to mitigate likely cybersecurity risk.
Evaluate the impact of key roles in providing effective oversight of cybersecurity
Develop actions steps for implementing a cybersecurity governance plan

Contents

Cyber Security: A Business and Board Room Priority
Assess The Cyber Risk Situation of a Financial Institution
Translate the Cyber Risk Assessment into Strategies
Review the Responsibilities of the Board and its Committees for Effective Oversight of Cyber Risks and the Implementation of a Cyber Risk Strategy
Diagnose the Collaboration Between the Board and Executive Management
Evaluate an Institution’s Cyber Risk Approach Continuously
Action Plans for Implementing a Cyber Security Governance
City Tour