The report calls for Boards to embrace cyber risk as an opportunity to increase resilience, trust and growth.
As a global society that runs largely on technology, we are dependent on its availability and ability to safeguard our information. Amidst the disruption and uncertainty of the global COVID-19 pandemic technology has been both an enabler and a creator of economic impact.
The pandemic accelerated internal decision making around technology investment and implementation which has led to a pressing need for businesses and governments to not only adopt but also to adapt. Just as technology brings increasing threats, it also brings increasing opportunities to grow businesses and create positive impact. Finding the balance between risk and reward requires collaboration and co-creation.
Cybersecurity is not optional, but it must serve the organisation’s strategic plan.
The speed of technological advancements, including the resulting opportunities and threats, has also served to widen the skill and information gap for Directors and Boards when seeking to set strategy and execute informed decision making.
The Advisory Board Centre established the Cyber Opportunity Project Advisory Board to provide balance to the traditional risk focus and explore the opportunities for organisations to confidently explore and embrace digitisation and technology. Commencing in August 2020, the Project Advisory Board included living research gathered from 38 advisors with global expertise and industry consultation with Captains of Industry.
The Cyber Opportunity Advisory Board report, Building Opportunity – Pathways to Cyber Assurance, captures the key outcomes of the research and its importance for Boards, the advisory community who support them and the wider collaboration ecosystem.
Advisory Board Centre Founder and CEO, Louise Broekman, stressed the importance of quality, agnostic advice to empower confident and decisive decision making at a Board level around technology and cyber opportunity.
Much of the current commentary directed at Boards is solely focused on cyber risk, which can create a culture of fear and uncertainty. To be led by fear misses out on the opportunity of taking control and deriving opportunity from a more confident and vigilant approach. Businesses can continue to grow and prosper, learning how to maintain and deepen trust by treating cyber risk as an opportunity to increase resilience and trust.
As the professional body for the global advisory community, the Advisory Board Centre recognises the valuable role of strategic Advisors to provide independent advice and drive critical thinking at a board level to support executives, business owners and directors.
Louise Broekman, Advisory Board Centre Founder and CEO
The Cyber Opportunity Project Advisory Board included living research, interactive meetings to road-test results and a Captains of Industry panel featuring global leaders driving results in some of the world’s leading organisations.
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About the Cyber Opportunity Project Advisory Board
The Cyber Opportunity Special Interest Forum was formed by the Advisory Board Centre as a project based Advisory Board to provide balance to the traditional risk focus and explore the opportunities for organisations to confidently explore and embrace digitisation and technology. Commencing in August 2020, the Project Advisory Board was co-chaired by Peter Day and Daniel Brewer. Utilising the ABF101 Advisory Board Best Practice Framework™ as a foundation, the Project Advisory Board included global representation across industries and areas of expertise to provide diversity of thinking and robust discussions regarding sector constraints, opportunities, collaborators and ethical frameworks.
The Project Advisory Board hosted a Captains of Industry thought leadership panel to share global insights for organisations seeking to explore Cyber Opportunity. A recording of the session is available below.