Every sane company’s main goal is [must be], before any other, enduring. Somebody could surprise: “Was not a company’s goal to win money?”. If it is your case, think how to win that money with a company that no longer exists. And, BTW, do not forget to explain it to your shareholders!
Threats to perdurability are many, varied and all of them object of interest since a corporate governance point of view. Let me give you an example: short-termism. Having your company in the hands of short-termed ambitious executives -i.e., insane ones willing to put their own interests (make money rapidly) before those of the organization (I mean, those of the organization’s stakeholders)- goes against any good governance practice. If you are in the gas industry -not to say if you are in the accountancy one- you will remember ENRON’s executives maneuvers.
The Board of Directors, accountable before ownership (shareholders) and other stakeholders, must take care of consciousness leading the corporate strategy, for instance, by setting appropriate management’s remuneration policies (a difficult task when the Board itself is greatly populated by executives or when the Chairman is one of them, which is more than usual nowadays).
With the same interest and intensity, the BoD must take care of having protection before cyber attacks, or any other “cyber” incident, as a key part of the company’s strategy. Growing technology dependency in every industry deepens such mandate to the Board. Recent cases like NYSE’s blackout or Dyre malware affecting Spain’s banking industry this summer, sadly and insistently support our thesis.
The industrial sector, increasingly techno-dependant thanks to developments like the Industrial Internet of Things (IIoT), is being witness of how convergence has to be part, inevitably, of any sound protection strategy. Examples of that are the rapprochement (now and, specially, in the near future) between Information Technology (IT) and Operational Technology (OT); or the announced merger between ICS-ISAC and Webster University’s Cyber Research Institute.
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