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Meet Fiduciary Responsibility

Board members and executives have a fiduciary responsibility to monitor and mitigate corporate risk and minimize financial loss – these risks include CyberSecurity threats – in which a breach can be very costly.

ClearArmor: Meet Fiduciary Responsibility Dashboard
If the Board is not actively involved in creating the plan and ensuring it is properly implemented, Directors and officers of the company could be accused of breaching fiduciary responsibilities, including failing to exercise due diligence to reduce the risk of financial loss, reputation risk, and lawsuits by overseeing the company’s CyberSecurity.

 

The ClearArmor Cyber Governance framework allows your Board to:

 

  • Work with your IT department to create and implement a custom CyberSecurity plan based around your company’s specific needs, budget, risk tolerance, and the regulations impacting your company today, leveraging the same processes used to secure some of the government’s and industry’s most valuable data
  • Deploy an army of trusted, automated, intelligent, virtual robots which scour your network to independently collect timely information about how the plan’s implementation is progressing
  • See the results in easy-to-read dashboards and reports which give senior managers and the Board the trusted information needed when addressing shareholders, customers, and regulators.

 

Like many organizations, your company probably has a firewall and antivirus software, and those tools are probably doing their designated job. But as the Center for Internet Security (CIS) and the Australian Government Department of Defense noted in recent studies, this is not sufficient. Their studies show that eighty-five percent (85%) of recent cybersecurity attacks could have been easily prevented if the targeted companies had only implemented, and routinely tested compliance with, five fundamental security practices.

 

Many Directors and senior managers simply trust that their IT staff are aware of these issues and are addressing them. The reality is that most IT departments are understaffed, and the employees are busy dealing with password resets, hardware failures, software bugs, and other day-to-day problems that demand immediate attention to give CyberSecurity the attention it deserves. At the same time, laws and regulations are changing, and shareholders are becoming more diligent, with all of the attention focusing on whether companies are faithfully discharging their fiduciary responsibilities toward the company and as stewards of their customers’ information. As high-profile cyber data breaches continue to occur, lawmakers, regulators, and shareholders are holding officers and Directors of the company responsible. Delegation is no longer an option; your company’s senior management and Directors all need to play a part in setting and enforcing company’s CyberSecurity policies. This process of setting and enforcing CyberSecurity policies is referred to as Cyber Governance.

 

The prospect of Cyber Governance is daunting for many companies, and many do not really know where to begin. That’s where ClearArmor’s ICSP comes in.

 

Upon installation, the ICSP releases an army of autonomous, virtual robots (we call them “bots”) throughout your network. These bots carefully and completely inventory your entire IT landscape, from servers and workstations to printers, networking equipment, and more, giving you an independent, trusted view of your company’s network. Our bots are not some new creation – we have partnered with one of the pioneers in the industry to leverage their nearly two decades of experience inventorying IT systems for some of the largest companies and governments in the world so you can be assured the information the bots provide is comprehensive and reliable. Visibility is a key component of CyberSecurity – you can’t secure what you can’t see. Armed with the information, your company’s Directors and senior executives can work with the IT department to create a custom CyberSecurity plan that is in line with corporate priorities, including budget, risk tolerance, and regulations.

 

This independent visibility is important in today’s security environment; if the officers and Directors are not actively involved in creating the plan and ensuring it is properly implemented, they could be accused of breaching fiduciary responsibilities, including failure to exercise due diligence to reduce the risk of financial loss, reputation risk, and lawsuits by overseeing the company’s CyberSecurity.

 

The officers’ and Directors’ responsibilities do not stop at the creation of the plan; they also have to be involved in the execution of the plan. With CyberSecurity, every minute counts. Rather than waiting hours or days for issues to percolate up to the C-suite, the ClearArmor ICSP’s powerful and easy-to-understand dashboards allow senior executives and Directors to proactively discharge their fiduciary duty to protect the company. The ICSP’s bot army collect and report on meaningful, unbiased, and concrete facts, enabling the CEO and Directors to side-step potential internal politics and focus the company’s resources where they matter most. The result is a leaner, more responsive CyberSecurity strategy that is in line with corporate priorities rather than those of a particular business unit or organization.

 

Please contact us for more information about how ClearArmor’s ICSP can meet your company’s Cyber Governance needs.

Implementing Cyber Governance

Meet Fiduciary Responsibilities

Board members and executives have a fiduciary responsibility to monitor and mitigate corporate risk and minimize financial loss.

Document Regulatory Compliance

ClearArmor’s Cyber Governance Framework allows you to document your regulatory compliance.

Maximize CyberSecurity
ROI & Quantify Risks

The very nature of CyberSecurity demands a managed effort. Few organizations have a managed effort.

Enable Security-Focused Culture

Employee security participation and a security-focused corporate culture is an often-overlooked but core component of Cyber Governance.