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January/February 2023 » The Audit Committee's Oversight...
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Joel Lanz, CPA, CISA, CISM, CISSP, CFE
Audit committees face increasingly complex demands and expectations when it comes to cybersecurity. Oversight practices have expanded from an initial focus on protecting lost shareholder value after a breach to satisfying evolving regulatory compliance and diverse stakeholder demands. Usually performed by audit committees, this oversight responsibility should obtain a more detailed appreciation of the risks associated with an organization's digital endeavors. Regulators increasingly issue both requirements and guidance to communicate expectations. More prominent accounting and consulting firms summarize these expectations through various questionnaire guides and background materials targeted to the board and audit committee members. Other governmental agencies, industry associations, and professional societies also provide advice. Insurance carriers seek to protect their claim experience through more stringent underwriting for cybersecurity policies while attempting to reduce customers' risk profile. Despite these aids, oversight practices remain haphazard and sometimes fail to mitigate applicable risks effectively.
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