As cyber threats continue to evolve and pose a growing risk to organizations, the Australian Institute of Company Directors (AICD) has developed a set of principles to guide directors in their responsibilities for protecting their organisations.
These 5 (five) principles provide a framework for integrating cybersecurity into the overall governance of the organization, helping directors understand their obligations and best practices for managing cybersecurity risks.
Here are the 5 (five) key principles outlined by the AICD:
Board Oversight: Directors must prioritize cybersecurity and ensure that it is given proper attention at the board level, with clear roles and responsibilities for managing cybersecurity risks defined.
Risk Assessment and Management: Regular assessments of cybersecurity risks and implementation of appropriate controls are essential for directors to effectively manage these risks.
Culture and Employee Awareness: Cultivating a culture of cybersecurity within the organization and educating employees on their role in protecting the company is crucial.
Third-Party Risk Management: Directors must put measures in place to manage the cybersecurity risks posed by third-party vendors and partners, including due diligence and implementing controls.
Incident Response: A robust incident response plan, with clear roles and procedures, is critical for directors to effectively deal with cybersecurity incidents.
Lynden Group Advisors can help directors in their efforts to understand and implement the cybersecurity governance principles outlined by the Australian Institute of Company Directors (AICD). Whether it's through board training, risk assessments, or incident response planning, our advisors can help ensure that your organization is well-prepared to manage cyber threats. Contact us today to learn more about how we can help you implement AICD's cybersecurity governance principles and protect your organisation from cyber threats.