Analysis of Corporate Governance, Cybersecurity, and Resilience Report

This report provides a comprehensive analysis of corporate governance, focusing on cybersecurity and resilience within the context of the Australian Stock Exchange. It begins with an introduction to the importance of ICT in business and the associated risks, particularly data breaches, which can impact customer trust and financial operations. A case study of a company listed on the ASX is examined, highlighting the need for robust security policies. The report critically analyzes the existing security system, identifies its weaknesses, and justifies the integration of cybersecurity and resilience protocols. It emphasizes the increasing demand for cyber resilience tools at the board level and discusses best practices for initiating a cyber resilience policy, including periodic reviews, ongoing management frameworks, monitoring external risks, and responsive governance. Recommendations for enhancing the company's security posture are also provided.

Running head: CORPORATE GOVERNANCE
Corporate Governance
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction................................................................................................................................2
Case Study Summary.................................................................................................................2
Critical analysis of the existing security system........................................................................3
Justification for integration of cyber security and resilience protocol.......................................4
Best practices for initiating the policy.......................................................................................6
Recommendations......................................................................................................................7
Conclusion..................................................................................................................................8
References..................................................................................................................................9

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Introduction
In the current world scenario, it can be seen that individuals need to work within the
Information and Communication Technology environment. The use of ICT is prevalent
within the business organizations, which results in increasing the level of risks and difficulty
in handling the challenges. These challenges need to be handled properly with the help of
Critical Risk Management and Resilience. In the present business organizations, there is a
constant threat of breach of security with respect to the data that is being stored, which makes
it difficult in assessing the level of risks that are being faced with respect to the cyber
technology (Scully 2014). The companies that are listed under the Australian Stock Exchange
will face a higher level of risk, as it deals with the information of customers. These
information are financial in nature that also affect the operation of the business. The
compromise or breach in the data will harm the business operations and will result in
decrease in the level of trust that the customers have on the organization with respect to the
sharing of the financial information. The customers will be of the view that the financial
information are being leaked out by the attackers in the cyber world, which would prevent
them from sharing it with the organization (Smales 2014). Therefore, the report will be based
on discussing the security issues that is present within the companies that are present on the
Australian Stock Exchange. It will also provide a critical analysis as well as the best practices
for making a policy on resilience so that the changes can be done in a positive manner within
the organization.
Case Study Summary
The organization taken up within the case study is present on the Australian Stock
Exchange list, which suggests that there are many personal details of the customers present
within the company apart from the business data. An example of this would be that if a real

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estate business is listed on the stock exchange, it would simply mean that apart from the
financial data, the company also has the personal and contact information of the client.
Therefore, there should be a presence of strict policy related to security so that it can result in
efficient operation of the business organization. The case study company being a consultant
needs to lookout for the breach in the level of security along with the policies and procedures
(He, W.P, Lepone 2014).
Therefore it can be said that the working of the organization is based on the security
system that is already present so that it can help in protecting the data of the clients as well as
its employees. It is also required by the consulting company to provide a better level of
critical analysis with respect to the cyber resilience that will be taken up newly so that there
can be an increase in the wellbeing of the company so that it does not lose out on its clients.
This is due to the fact that the changes and advances in the technology has led to the increase
in the hackers who are breaching in to the security of the organizations and stealing the
personal data of the clients and employees. Therefore the proposition of cyber resilience
needs to be given by a consultant so that the security system can be enhanced for the
organization (Elmaghraby and Losavio 2014).
Critical analysis of the existing security system
The organization mentioned in the case study is listed on the Australian Stock
Exchange and is among the leading 200 companies. Therefore it can be justified that the
company hires a good consultant to protect the data that is related to the customers and
employees. Moreover, the fact that managers of Enfield and Bose needs to approach the risks
cannot be neglected. The lack in handling the security system may result in some bigger
issues that may lead the company in to trouble. It has been seen that a breach in the security
had resulted in the loss of customer data from Equifax that amounted to a loss of 1.5 billion
AUD, as the data of the customer was hacked that included contact and other personal

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information. Thus the security system needs to be advanced and latest versions need to be
installed so that it can deal with the security issues in a proper manner (Buczak and Guven
2016). With respect to the case study, there was existing policy that would handle the system
security in a better manner. The company had no idea regarding the way in which the security
needs to be handled so that it does not create any problem in the present and the near future.
Additionally, the use of the technological advancement had been done that had resulted in
using the updated security system but the security system was not handled in a proper
manner. This had led to the increase in the minor problems that were related to the loss of
information for the employees and the customers (Cherdantseva et al. 2016).
Thus after the completion of critical analysis of the security system within the
organization, it can be stated that the company uses an advanced level of security system
technology so that the modern facilities and amenities can be used. This will help in
increasing the manner in which the handling of the employees can be done in an efficient
manner. This will also prevent the mishandling of the personal and financial data of the
employees and customers as well when there are future attacks on the cyber world with
respect to breach of security (Gupta, Agarwal and Yamaguchi 2016). It can be found that the
focus of the organization is mainly on the security concerns so that they can make an
impermeable gateway that will prevent the attackers from breaching in to the system. It can
also be seen that the storage and processing of information of customers and employees will
not result in establishing the strategy to work in a better way. The company is also ignorant in
managing the confidential and intricate data, which makes them vulnerable to the external
threats from the cyber attackers. These attacks are irrespective of the fact that the company
uses the modern security system in its process of business (Cavelty 2014).

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Justification for integration of cyber security and resilience protocol
There has been in the rise of demands with respect to cyber resilience tool in the
board level due to the different challenges that are present in the security system. It also
results in implementing the level of resilience in a new way within the organization. This can
be stated with the fact that the top level managers of the organization are demanding for the
use of the cyber resilience tools at the board level as well. The forum for world economy
provides ease of access of these tools so that the strategy of governance within the
organization can be increased by setting a higher level of standard in managing the business
(McCahery, Sautner and Starks 2016). The functioning of the boards plays an important part
in determining the behaviour of the company so that the risks can be identified and the
governance characteristics can be increased. The technologies and strategies in relation to the
cyber resilience will help in narrowing down the gap through proper rounds of interviews
with the board of directors present in different industries across the continents (Armstrong et
al. 2015). This will help in analysing the situation with respect to the level of risks that are
present due to the increase in the level of technology so that the cyber resilience can help in
governing the business process that is already existing and the new technologies that can be
taken up. This will also result in handling the level of risks of the 200 companies that are
listed on the Australian Stock Exchange (Jizi et al. 2014).
In the recent times, it can be seen that the security system that is present within the
organization currently makes a huge impact on the level of inability in meeting the challenges
with respect to the security issues due to the increase in digitization within the cyber world.
Most importantly, the companies need to be extra protective and new strategies need to be
developed so that it can ensure that the networks that are used within the company are sturdy,
which will result in increasing the advantage sand opportunities of the digitization of the
company (Hong, Liu and Govindarasu 2014). There is however a difference between

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strategic cyber security and cyber security. The use of cyber resilience results in increasing
the thinking to a long-term manner within the business organization, as the data depends on
the process that is being implemented within the organization (Ben-Asher and Gonzalez
2015).
Best practices for initiating the policy
The best practices in initiating the policy within the organization need to be done in a
structured manner. The following are some of the examples of best practice to initiate a cyber
resiliency policy at the corporate board level:
 Periodic review for cyber resilience by board: It is important within an organization to
install the latest technologies so that it can help in keeping the data of the clients and
customers in a safe way. It can be seen that the way of maintaining the records are
chaotic for securing the data that may lead to a rise in the level of vulnerabilities
within the modern technologies that has been installed for security system. It is
important for the board to measure the risks within a specific time frame so that the
response to the attack can be done accordingly and mitigating it can also be ensured.
There are 10 principles of cyber resilience that can help Bose in reducing the risk and
increase their level of awareness. This framework will enable the board in taking
action of the pivotal roles that are being under taken (Armour 2017).
 Ongoing management framework: This framework consists of 10 principles that will
help the board members in increasing its efficiency of the role in increasing the
security issues within the organization. This needs to be done by communicating with
the senior management so that the dignity of the organization is also maintained. The
resilience has to be planned and implemented so that the board can understand its
functioning. This helps in increasing the level of protection as well. The

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communication needs to be done with respect to cyber resilience so that it can result
in handling the risks of the security system (Simonsen et al. 2014).
 External risks monitored by Board: The use of this framework will help the board in
reviewing the risks that may be present within the organization with respect to
cybercrime so that it can ensure than the process is integrated and the risks in the
business can be addressed in a proper manner. The outside risks needs to be assessed
in a proper manner with the help of the tools so that the third party partners and
suppliers can be assessed with the security standards set by the company. The
framework will enable in handling the programs of cyber security in a better way so
that the information based on risks can be provided at an early stage and can be
mitigated (Minton, Taillard and Williamson 2014).
 Responsive governance: The governance policy needs to be fluid in nature, as it may
change after a period of time. The adjustments will take place according to the level
of risks that may happen after the occurrence of an event. The guidelines need to be
laid down within the organization so that it can result in taking up the latest
innovations that are happening with respect to cyber resilience. The flexible business
model will enable the company in addressing to the risks in a proper way, as it can be
discussed with the stakeholders that would help in devising better level of strategies.
The strategy will allow in handling the security system in an efficient manner as well
(Shah 2017).
Recommendations
Therefore it can be recommended that corporate governance needs to be established in
the business with the help of a proper consultant so that the policies of cyber resilience can be
implemented in a proper manner. It will help in securing the data of the customers and
employees with the help of the technological advancements (Bada, Sasse and Nurse 2019).

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This will prevent the attackers in breaching the data that has been stored in the company. The
board members need to take a joint decision regarding the strategies that needs to be
implemented so that the level of efficiency can be increased.
Conclusion
The report can be concluded stating that the companies listed in the Australian Stock
Exchange needs to develop a security system in an effective manner with the help of the
technological advancements. This needs to be done in consultation with an expert so that they
can provide effective solutions in implementing the resilience policy. This will increase the
level of security so that the vulnerabilities can be decreased. The companies that are present
on the Australian Stock Exchange deals with financial data, which needs to be protected from
falling in to the wrong hands. The compromise of data would result in the loss if trust by the
employees and customers on the company as well. Therefore, the report has been prepared
with respect to the security system that needs to be taken up by the companies listed on
Australian Stock Exchange and a critical analysis has also been provided so that the resilience
policy can be initiated within the organization.

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