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It is a common belief that 'data is the new oil', and Information Technology (IT) supports almost every modern-day transaction, from the delivery of electricity and water to banking, shopping, manufacturing, and correspondence. The confidentiality, integrity, authenticity, and accessibility of information that enable these operations must be ensured to avoid the failure of related and unrelated information, devices, and activities. These failures expose businesses and individuals to the risk of reputation, income, assets, and the very endurance of the business or organisation and as a going concern. As a result, like sustainability, cybersecurity is now a critically important 'C-suite' issue.
Many organisations in today's digital landscape rely heavily on third-party vendors who help carry out delegated operations. A third-party vendor could be a company or entity that provides certain services to your business.
Information has undoubtedly become one of the most valuable assets for organisations, and whose dependence on it is constantly rising. At the same time, the frequency, sophistication and ferocity of cyberattacks are also increasing, posing a significant threat to business environments.
Cyber and information technology security governance refers to the system by which an organisation directs and controls IT security and, to a large extent, involves decision making to mitigate cyber risks. By definition, this implies that cyber governance determines who is authorised to make decisions regarding the adoption of frameworks and the design and implementation of effective controls, which to a significant extent rely on continuous human involvement.
Recent global events, specifically the global COVID-19 pandemic, have caused widespread business disruption and transformation, forcing businesses to adapt to new ways of working in an extremely short period.
Although the rise of COVID-19 presented many challenges to our country in the year 2020, it stimulated the growth of technological innovations that we can build on to the effects on how we do business, how we trade, how we work, how we produce goods, how we learn, how we seek medical services and how we entertain ourselves in 2021.
The COVID-19 pandemic has created a highly volatile and uncertain environment for businesses resulting in a litany of new or heightened risks for directors and officers (D&O) as well as exacerbating the situation in an already strained D&O insurance market.
In an accelerated digital landscape marked by ever-increasing amounts of data processed every day, information technology practitioners must navigate through multiple information lifecycle management practices daily to ensure the veracity of business data.
Another day, another data breach. South African businesses are becoming more susceptible to cyberattacks and seem to be easy targets for criminals. Data breaches are now a common phenomenon with Nedbank, Momentum, Lombard Insurance, Experian and Stefanutti Stocks making headline news.