How to Re-think Cyber and Geopolitical Risk in the Boardroom | Geopolitics and Critical National Infrastructure

In a rapidly evolving digital and geopolitical landscape, boards must redefine their approach to cyber and geopolitical risks. This brief explores the imperative of board involvement, particularly in the context of critical national infrastructure (CNI). Understanding the Current Landscape: Escalating Threats: Rapid technological advancements heighten the sophistication of cyber threats. Geopolitical Dynamics: State-sponsored cyber attacks and their implications for businesses underscore the interconnectedness of these risks. The Imperative of Board Involvement: Shifting Mindset: Recognition of cyber and geopolitical risks as strategic business concerns. Board Competence: The need for a diverse set of expertise to address multifaceted risks effectively. Geopolitics and Critical National Infrastructure: Definition of CNI: Identifying sectors crucial to a nation's functioning, vulnerable to geopolitical tensions and cyber attacks. Case Studies: Analyzing historical incidents to extract lessons applicable to contemporary challenges. Best Practices for Boards: Cybersecurity Governance: Establishing robust governance frameworks integrating cybersecurity into overall risk management. Geopolitical Risk Assessment: Regular evaluation of geopolitical risks in collaboration with experts for informed decision-making. Regulatory Compliance and Reporting: Evolving Regulatory Landscape: Overview of current and upcoming regulations related to cybersecurity and geopolitical risks. Reporting Mechanisms: Developing effective reporting channels for transparent communication during crises. Future Considerations: Emerging Threats: Anticipating future cyber and geopolitical challenges to ensure adaptive risk management. Technological Advancements: Incorporating innovation into risk management strategies amidst evolving technologies. Conclusion: As cyber threats evolve and geopolitical tensions persist, boards must proactively navigate these risks. This brief highlights the importance of understanding the current landscape, board involvement, the intersection of geopolitics and CNI, best practices, regulatory compliance, and future considerations. By adopting a strategic mindset, boards can effectively manage cyber and geopolitical risks, ensuring the resilience of their organizations in an ever-changing world.

Siobhan MacDermott is a Partner at Consello. Siobhan's career has spanned 25+ years at the intersection of global business, banking, intelligence and technology. Siobhan was recently a Partner at Independence Point Advisors (IPA). Prior to joining IPA, she was Vice Chair of Global Corporate & Investment Banking at Bank of America (BofA) as well as Head of the Global Cyber Public Policy team responsible for BofA's participation in programs dedicated to improving the risk and cyber resiliency of the global financial system. Prior to BofA, Siobhan led the Cyber Economics Practice at Ernst & Young (EY) where she consulted for Fortune 500 Boards on geopolitics, intelligence and cybersecurity. Prior to EY, she spent over 20 years working overseas and in Silicon Valley. In addition, Siobhan is an accomplished author, with six books to her name. Siobhan is a Professor of Practice at the Thunderbird School of Global Management at Arizona State University. Siobhan is an Advisory Board Member at Temple University Institute for Law, Innovation and Technology. She serves on the Board of the Institute of the Americas, is the Vice Chair of the Fund for Peace, is an Associate Fellow at the Global Fellowship Initiative at the Geneva Centre for Security Policy, is a Fellow at Aspen Finance Leaders Fellowship and is a member of the Aspen Global Leadership Network. Siobhan received an M.B.A. in International Business and Economics from the Thunderbird School of Global Management, a Global Master of Arts in Law and Diplomacy from the Fletcher School at Tufts University, and a B.A. in German Language and Literature from Temple University. She has worked in over ten countries and speaks five languages.