The Role of Audit Committee in Cyber Risk Governance and Accountability: A Literature Review Perspective
Abstract
The study examined the role of audit committee in cyber risk governance and accountability. The audit committee can contribute by reviewing cyber risk assessments, monitoring the effectiveness of internal controls, questioning management on cybersecurity preparedness and ensuring that significant cyber risks are appropriately communicated to the board and relevant stakeholders. Cyber risk governance is particularly important because weak oversight can create gaps between an organisation's cybersecurity policies and their actual implementation. The study recommended that organisations should strengthen the independence of audit committee members by ensuring that the committee is composed predominantly of members who can exercise objective judgement without undue influence from management. Also, organisations should ensure that audit committees possess adequate cybersecurity, information technology, accounting, auditing and risk-management expertise.
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