{"id":18786,"date":"2020-06-25T13:03:59","date_gmt":"2020-06-25T17:03:59","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=66987"},"modified":"2020-06-25T13:03:59","modified_gmt":"2020-06-25T17:03:59","slug":"board-business-dynamic-is-contributing-to-cyber-risk-ey-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/06\/25\/board-business-dynamic-is-contributing-to-cyber-risk-ey-survey\/","title":{"rendered":"Board-business dynamic is contributing to cyber risk: EY survey"},"content":{"rendered":"<h4 class=\"description-heading\">Disconnect leading to one-third of Canadian organizations unable to articulate potential threats:<\/h4>\n<div class=\"richText component section default-style col-xs-12\">\n<div class=\"component-content\">\n<div class=\"richText-content\">\n<ul>\n<li><strong>34% of Canadian organizations have yet to fully articulate their cyber risks<\/strong><\/li>\n<li><strong>43% of Canadian boards are unable to quantify cybersecurity in financial terms&nbsp;<\/strong><\/li>\n<li><strong>Only 10% say there\u2019s consultation between the cybersecurity team and lines of business<\/strong><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<p>Toronto, ON (June 22, 2020) \u2013 A disconnect between cybersecurity efforts and business functions is putting more Canadian organizations at risk as information gaps leave leaders with a limited understanding of potential threats and how to mitigate exposure. The 2020 EY&nbsp;<strong><em>Global Information Security Survey<\/em><\/strong>&nbsp;finds that 34% of Canadian organizations have yet to fully articulate their cybersecurity risk, compared to 16% of global peers.<\/p>\n<p>\u201cWith more businesses moving \u2014 and potentially staying \u2014 online or working remotely, organizations are increasingly vulnerable to cyberattacks,\u201d says&nbsp;Yogen Appalraju, EY Canada Cybersecurity Leader. \u201cAmid the immense pressure felt from COVID-19, a cyberattack \u2014 and its ramifications on brand, reputation and financials \u2014 is the last thing an organization wants to happen while they\u2019re already navigating significant disruption. Bridging the divide between the security function, lines of business and the board can be an enabler to proactively address heightened risks and help advance digital transformation.\u201d<\/p>\n<p>The EY survey finds that just 21% of Canadian boards understand how to fully evaluate their organization\u2019s cybersecurity risks, compared to 48% globally. Meanwhile, 43% are unable to quantify cybersecurity effectiveness in financial terms, compared to 24% of global respondents.<\/p>\n<p>\u201cCybersecurity teams must learn to speak the board\u2019s language to better communicate the severity and business impact of different risks,\u201d says Appalraju. \u201cIncreased education and engagement among this group should trickle down into the business to drive awareness, while helping to secure the buy-in for funding and resources needed to address growing threats.\u201d<\/p>\n<p>The survey finds that cybersecurity teams need to develop better alliances across all business functions of the organization. Right now, only 10% of Canadian survey respondents say there\u2019s a high level of trust and consultation between cybersecurity teams and the broader business.<\/p>\n<p>\u201cCybersecurity needs to be present at the development stage of any product, service or initiative as businesses look to make greater digital investments to support an online transition in this new environment,\u201d says Appalraju. \u201cThis is what we call a security by design approach \u2014 a strategy that improves engagement between the cybersecurity team and the rest of the business to create a mutual understanding of potential threats, the impact to assets and how to proactively mitigate cyber risk exposure early in the creation or acquisition of assets.\u201d<\/p>\n<p>Access the full Canadian highlights of the EY&nbsp;<em><a href=\"https:\/\/www.ey.com\/en_ca\/cybersecurity\/is-your-cybersecurity-plan-radical-enough-to-thrive-in-todays-environment\">Global Information Security Survey<\/a><\/em>.<\/p>\n<h4 class=\"smallhead\"><b>About EY<\/b><\/h4>\n<p>EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information, please visit <a href=\"https:\/\/www.ey.com\/en_ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ey.com\/ca<\/a>.<\/p>\n<p>EY refers to the global organization, and may refer to one or more, of the member firms of Ernst &amp; Young Global Limited, each of which is a separate legal entity. Ernst &amp; Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via <a href=\"https:\/\/www.ey.com\/en_gl\/privacy-statement\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ey.com\/privacy<\/a>. For more information about our organization, please visit&nbsp;<a href=\"https:\/\/www.ey.com\/en_gl\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ey.com<\/a>.<\/p>\n<p class=\"referencetext\"><i>SOURCE: EY Canada Public Relations<\/i><\/p>\n<p> Tags: <a href=\"https:\/\/www.insurance-canada.ca\/tag\/cyber-risk\/\" rel=\"tag\">cyber risk<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/cyber-security\/\" rel=\"tag\">cyber security<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/ey\/\" rel=\"tag\">EY<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/survey\/\" rel=\"tag\">survey<\/a><br \/>\n<a href=\"https:\/\/www.insurance-canada.ca\/2020\/06\/25\/ey-survey-board-dynamic-cyber-risk\/\">Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disconnect leading to one-third of Canadian organizations unable to articulate potential threats: 34% of Canadian organizations have yet to fully articulate their cyber risks 43% of Canadian boards are unable to quantify cybersecurity in&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18786"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18786"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18786\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}