On 5 November IoD Jersey’s Digital Subcommittee hosted a breakfast event focusing on the topic of cyber and information security.
The event, via real case studies, analysing how business leaders and board members should recognise and mitigate these risks based on key takeaways from real examples.
The host, Ian Webb, Chair of the Digital Subcommittee set the tone from the start, reiterating that cyber incidents are not an ‘if’ scenario, but a ‘when’ and that IoD members should challenge themselves to contemplate information and cyber security risks as seriously as other risk areas.
Senior leaders of the Jersey Financial Services Commission (JFSC), representing risk management and IT, walked the audience through the background to a high-profile incident in January 2024, and provided insight about the collaboration needed with stakeholders, including service providers, JCSC, the Jersey Office of the Information Commissioner (JOIC), and ultimately data subjects. Of importance to our members was understanding the key involvement of the JFSC leadership team and commissioners during the analysis and subsequent rectification actions, which would be equally applicable for a board in any sector.
Further presentations from BDO and Matt Palmer, Director of the Jersey Cyber Security Centre further reiterated that Directors need to have the skills and knowledge to lead their business through the management of these areas and the associated risks, effectively planning and preparing for when a cyber threat becomes a real attack, or a security incident escalates. A robust response involves operations, legal, risk and communications functions, not just IT.
Audience members were given the opportunity to pose questions to the panel, moderated by IoD Jersey Chair, Alex Ruddy. It became clear that a fundamental mitigant is education and development, recognising that human error can play a significant role. Further the appreciation of risk by the board and leadership team should not be underestimated. Notably, ensuring a considered response is vital, utilising expert assistance.
Ian Webb noted: “I was delighted that JFSC, JCSC and BDO agreed to collaborate with the Digital Subcommittee in relation to this event. I have had fantastic feedback from participants and the IoD commit, via my subcommittee, to ensure we engage with members in relation to this important topic via further events and information.”
Picture Credit: Paul Wright Photographer
