Security Questions Your Company’s Board Members Will Ask
With the increased number of cyber attacks, companies are becoming more aware and focusing on their security programs. The board members of the company are having discussions with risk and security management leaders. It is highly unlikely that they will ask simple questions about cyber security rather they will be more specific in their probing.
Don't Gamble with Cybersecurity - Insure Your Business Now!
Get Updates on WhatsApp
Thank you for showing your interest in cyber-insurance. Our relationship manager will call you to discuss the details and share the best quotes from various insurers. In case you have any query or comments, please contact us at email@example.com
Fast-track your search with instant quotes from top insurers
Here are some of those questions that board members would ask.
Question-Related to Incident
Questions: What went wrong? How did this happen? I thought you had this under your control, etc.
The board members ask these questions when they get to know about the cyber breach or while the chief information security officer is telling them about the incident. It seems relevant when board members ask these kind of questions specifically about securing the online data of the organization since a large portion of employees is working remotely.
Now, you can tell them about the severity of the incident and state the facts. Tell them what you know and what will you do to resolve the issue. Acknowledge the incident and tell them about the impact it would cause on the business and what are your plans.
However, the security leader will be responsible for the oversight of the risk and security but make sure to define the accountability at the board/executive level.
Question-Related to Trade-off
Question: Are you sure that we are 100% secure?
This kind of question usually come up from the board members who do not understand the security and its impact on the business. Since it is impossible to be totally protected, it will be your responsibility to identify the risk and tell them about the resources that will be used to manage the issue based on business appetite.
You can respond to these questions like “Considering the nature of the threat, it is not possible to get rid of all the sources of risk. I will implement controls to manage the issue. As the business grows, we will have to repeat the reevaluation to understand how much risk would be fine.”
Questions: How bad it is? How are we performing compared to others?
The company’s board members go through articles, threat reports, blogs and regulatory pressure to learn about the risks. That is why they always ask about how other companies are doing compared to their company.
You can answer like “ I would not hypothesize on the what other company is doing without getting enough information but I’ll let you know as soon as I get enough information.” You can discuss the broader security responses such as recognizing similar weak spots and how are you doing compared to them.
Risk Related Question
Question: Are we aware of the risks that we can take?
The board members know that accepting risk is a choice and if they don’t then it is your responsibility to let them know about it. They would want to know the expected risks of the company are being controlled and you should tell them the tolerance of the company.
Tell the board members about the impact on business due to risk management decisions and make sure to have proper evidence to back it up. The next part would be crucial as the board members take their decisions after knowing the risk tolerance. Since any risk beyond tolerance needs treatment to bring it within the safe zone. Having said that, this does not require any changes in a short period so beware of overreacting.
Question-Related to Performance
Question: Question-related to expenditure. Whether the company is spending enough on resources or if the company is spending too much.
The board members ask these questions because they want to know if the Security & Risk Management Leaders are working properly and they want reassurance about the Return of investment and Metrics.
You can take the approach and use a balanced scorecard that is based on a traffic-light mechanism. Make sure to tell them about the performance of the organization against business aspirations. Also, explain the aspiration according to the business performance and not technology.
Use of Cyber Insurance
Everything is done online now a days and with the increase in the usage of the internet, the number of cyber threats have also increased. Since every company whether a startup or an established one, all of them are prone to cyber threats. This is why it is vital for organizations to protect their online data with cyber insurance policies because cyber threats are inevitable.
These were some of the security questions that board members ask and you can respond to them accordingly. Even though organizations use the best anti-malware available in the market but the hackers are also getting better and better every day.
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
4.3 October 06, 2022
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
4.5 October 04, 2022
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
4.5 October 03, 2022
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
4.5 October 02, 2022
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
4.5 October 01, 2022
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
4.5 September 30, 2022
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
4.8 September 29, 2022
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
4.5 March 18, 2022
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
4.5 March 17, 2022
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Wait! Didn't find what you were looking for?
Our certified business insurance experts are just a call away.
Your call has been scheduled successfully.
Our experts will provide you assistance with your insurance coverage. Be assured, all your questions will be answered
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.