The Digital Director - Cybersecurity topics and the Board

ILA’s Digital Director Working Group initiated the “Digital Director” Breakfast Roundtable Series on March 1st, with an event on Cybersecurity, "Cybersecurity topics and the Board", followed on May 9 by an event on Compliance, “Digitalisation, Compliance and the Board”.

Cybersecurity Roundtable

The Cybersecurity roundtable, animated by Pascal Steichen, the head of and Christophe Bianco, Managing Partner of Excellium Service, provided an overview of Cybersecurity from a Board level perspective. Issues discussed included:

  • How to approach cybersecurity as an enterprise-wide risk management issue, not just an IT issue.

  • Understanding the legal implications of cyber risks, and what insurance is necessary.

  • What the Board should have access to regarding cybersecurity expertise.

  • Getting adequate time for cyber risk management on board agendas

  • What Directors should set in term of expectations for management in establishing an enterprise cyber-risk management framework.

  • Which level of detail that Boards need to discuss regarding cyber risk management and risk treatment.

A visit to Room42 concluded the session. Room42 is a crisis simulation centre operated by inside the C3. Participants are completely immersed for 2 hours in a cyberattack simulation game designed to build skills suitable for real life situations.

In response to interest from attendees, we will offer an extended half day Cybersecurity training in September, using practical business cases targeted at board members on the following topics:

  • Data breach Management roles and responsibilities.

  • The board in a context of a cybersecurity incident.

  • Is Cyber Insurance an answer?

  • Regulation and risk management.

Compliance roundtable

The Compliance roundtable, animated by Nadia Manzari, Karen O’Sullivan and David Hagen from the CSSF, and Bert Boerman of connected the key topics of Digitalisation, Compliance and the Board. Issues discussed included:

  • What is digitalisation as it relates to compliance, why is it an important topic for the board?

  • Some examples of how a successful digital compliance strategy can help you.

  • What are the responsibilities of the Board regarding digitalisation of compliance?

  • What are the compliance risks of not doing anything regarding digitalisation?

  • Where is your business in its compliance digitalisation journey and how do you assess this?

  • What can you do to help you drive digitalisation of your compliance processes both in the board and in the organisation?

  • The difference between the roles of Fund Boards vs Corporate Boards in the Digitalisation context.

It was clear from both events that the format should be extended in future to allow for deeper discussion of these important topics. We will continue the Digital Director Roundtable with events discussing the boardroom perspective on digital topics, including GDPR (13 June), Efficiency, and Growth, and will repeat both Compliance and Cybersecurity in future.

More information on future roundtables, and the planned Cybersecurity training will follow.

The Digital Director Breakfast Roundtables offer an opportunity for attendees to learn and share knowledge with peers, guided by experts in the field. The aim is to provide a positive, informal but challenging space to discuss issues that confront directors daily. The format is simple: an introduction from an expert, followed by guided conversations with peers in small groups, and a closing discussion with the wider group. Breakfast Roundtables will be run approximately monthly on various digital related topics.