Cyber Risk Oversight Committee

I heard this name first time in my current company. I looked it up, it did seem similar to something we did on cloud operations in past , but security specific. Then i wondered in people outside security have heard of this type of process/committee?

A Cyber Risk Oversight Committee is a group of individuals responsible for monitoring, evaluating, and addressing cyber risks within an organization. They work to ensure that the organization has the proper security measures in place to protect against cyber threats and that those measures are being effectively implemented. The committee is also responsible for regularly reviewing and updating the organization’s cyber risk management policies and procedures to stay ahead of evolving cyber threats. This committee may be composed of executives, IT professionals, and other experts, and may report to the board of directors or a similar governing body.

The general format of a Cyber Risk Oversight Committee typically includes:

Meeting frequency: The committee typically meets on a regular basis, such as quarterly or bi-annually, to review and assess the organization’s cyber risk management strategies.

Agenda: The agenda for each meeting should include a review of any recent cyber threats and incidents, updates on cyber risk mitigation initiatives, and a discussion of any recommendations for improvement.

Minutes: Minutes from each meeting should be kept and shared with relevant stakeholders, including senior management, risk management, and the board of directors.

Reports: The committee may receive reports from the cybersecurity team on the current state of the organization’s cyber risk posture and any actions taken to mitigate those risks.

Decision making: The committee should have the authority to make decisions on cyber risk mitigation initiatives, including the allocation of resources, selection of technologies, and development of policies and procedures.

Collaboration: The committee should work closely with other relevant departments and committees, such as the risk management committee, to ensure effective collaboration and coordination of efforts.

The Cyber Risk Oversight Committee plays a critical role in ensuring that an organization’s cyber risks are effectively managed and mitigated. By establishing a clear format for the committee’s activities, organizations can improve their cyber risk posture and reduce the likelihood of cyber incidents.