For a homeowner, the knowledge that a trained eye has evaluated the home security system — and attested that it is in good working order — can go a long way toward a good night’s sleep.
The same goes for business owners and executives in charge of keeping the company’s digital assets safe. Recent global ransomware attacks, such as the WannaCry and NotPetya strains, have highlighted the growing and pervasive risks to organizations of all sizes and in all sectors of the economy.
Many business owners and executives believe that they can manage these risks with technology such as firewalls and anti-virus software. However, just like an alarm system that has not been activated is useless, defensive technology will not overcome bad controls and human error.
Stakeholders Scrutinize Cybersecurity Defenses
Boards of directors, customers, employees, investors, business partners, and regulatory bodies expect organizations to have processes and controls designed to prevent, detect, and mitigate the effects of cybersecurity events. Increasingly, these stakeholders expect independent third-party reports that attest to the effectiveness of the organization’s cybersecurity risk management program.
But the challenge has been choosing from among a multitude of reporting frameworks and solution providers. In 2017, the American Institute of CPAs (AICPA) introduced a robust, industry-agnostic framework intended to provide the market with a conventional approach to evaluating and reporting on a company’s cybersecurity risk management program.
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