An analysis of implementation of cyber governance in top five global corporations

The 21st century digital revolution has created a whole new world for business no matter where in the world you operate. In the field of technology development there has been a very significant increase in productivity, operations have become more efficient and it is cheaper to disseminate products from other countries. Modern business systems can be increasingly complex, with cloud computing, artificial intelligence, the Internet of Things (IoT), and big data analytics all playing essential roles. They assist organizations in enhancing their performance and scaling-up the other way round. However, this progress has also ushered in a new age of cyber threats and they are more prevalent, sophisticated and damaging as ever before. Big data breaches, ransomware attacks, insider threats, and cloud-based vulnerabilities have recently demonstrated that cybersecurity hazards are not
isolated incidents; they can involve entire company ecosystems. As we continue through this rapidly evolving digital landscape, cybersecurity governance has become a major focus at the organizational level. Nowadays IT security has grown beyond the siloes of IT departments and is now much more a concern enterprise-wide concerning issues such as legal compliance, corporate accountability, investor confidence, brand reputation and operational resilience. Governance: Cybersecurity governance speaks to the way organization’s structure, oversee, and enforce their cybersecurity strategies — essentially how technical controls are tied to management oversight and policy enforcement. Must Read: Cyber risks have transformed from an IT concern into non-linear threat that can impair the enterprise value and reputation, and as a result, boards of directors and executive leadership are often implicated in cyber risk management gone bad — making cybersecurity governance part of a fiduciary responsibility. Security is also complicated by regulatory frameworks that change across jurisdictions, which often involve complex inter-jurisdictional bodies in the case of multinational corporations. Including “the General Data Protection Regulation (GDPR)” of the European Union, “the California Consumer Privacy Act (CCPA)” in the United States, China's Cybersecurity Law as well many other national or regional data protection laws. This leads to regulatory fragmentation and compliance complexity — each regime has different standards, obligations, enforcement processes and penalties. For example, with the pressure to comply with “GDPR,” companies that do not may face upwards of €20 million1 or 4%1 of the organization's global revenue and U.S. laws are beginning to hold organizations accountable for data breaches through fines and class-action lawsuits. However, such a legal vacuum reinforces the need for complex governance processes allowing corporations
to manage in compliance with existing international law, and yet create an internally harmonious corporate strategy.