Perspective Chapter: Cybersecurity and Risk Management – New Frontiers in Corporate Governance

Abstract

This chapter investigates the evolving landscape of cybersecurity and risk management, highlighting their newfound prominence in corporate governance. The narrative emphasizes the integral role of boards and executives in orchestrating robust cybersecurity governance, recognizing it as a strategic necessity rather than a mere technical aspect. Legal and regulatory considerations, notably General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), are explored as critical dimensions influencing cybersecurity governance. The integration of cybersecurity into corporate governance frameworks is dissected, underscoring the importance of aligning strategies with enterprise risk management. The chapter further explores the dynamic cybersecurity landscape, detailing the surge in sophisticated threats such as ransomware, phishing, and state-sponsored cyber activities. It concludes by outlining best practices, including proactive risk assessments, fostering security awareness, and the continuous evolution of cybersecurity governance. The future outlook encompasses emerging technologies, international collaboration, and the integration of cybersecurity into board-level decision-making, presenting a holistic vision for resilient corporate governance in the digital age.