In 2024, global cyberattacks surged by 72%—a staggering reminder that hackers are moving faster than many organizations can keep up. While companies invest heavily in firewalls, encryption, and monitoring tools, one critical element often lags behind: governance.
It’s not just an IT problem anymore. Cyber risk is a boardroom issue.
🛡️ The Rising Cost of Cybercrime
According to IBM’s Cost of a Data Breach Report, the average cost of a breach in 2024 climbed to $4.88 million. Beyond financial losses, breaches erode trust, damage reputations, and invite regulatory scrutiny.
Cybersecurity Ventures predicts global cybercrime damages could hit $10.5 trillion annually by 2025—making it more profitable than the global drug trade.
These numbers highlight the scale of the threat, but the real issue lies in how unprepared boards remain.
🏛️ Why Cyber Risk Is Governance Risk
Boards are experts at monitoring financials, compliance, and strategy. Yet too often, cyber risk remains siloed in IT departments, treated as a “technical issue” rather than a strategic governance priority.
The result? Slow responses, underfunded defenses, and oversight gaps that leave organizations vulnerable.
True cyber governance requires boards to:
- Treat digital resilience with the same weight as financial performance.
- Ensure risk frameworks explicitly address cyber threats.
- Hold leadership accountable for proactive security culture, not just post-breach reaction.
🌐 Oversight Must Evolve
Hackers innovate constantly—using AI-driven attacks, supply chain vulnerabilities, and social engineering. Governance structures, however, often move at the pace of quarterly reviews and outdated reporting cycles.
To bridge this gap, boards must integrate cyber oversight into lifecycle management: from vendor reviews to product launches, from compliance audits to crisis planning.
🔗 How MPG Strengthens Cyber Governance
At My Premium Governance (MPG), we help organizations bring cyber risk directly into the governance spotlight. Our approach ensures boards:
- Embed digital oversight alongside financial, compliance, and operational governance.
- Monitor lifecycle risk management, from onboarding vendors to end-of-service reviews.
- Align governance frameworks with global best practices in cybersecurity.
- Leverage DocxChange to centralize critical governance documents, ensuring policies, incident logs, and risk reports are always accessible and auditable.
Because in today’s world, cyber resilience is business resilience.
✅ Cyber governance isn’t optional—it’s essential. As cybercrime grows, boards that fail to prioritize digital oversight risk financial loss, regulatory penalties, and reputational collapse.
At MPG, we help organizations close the gap, ensuring cyber risk sits firmly where it belongs—on every board agenda.