A Tier 1 insurance company with a significant market presence required ongoing cyber security advisory at the board level to ensure effective oversight and regulatory compliance.
Operating in a highly regulated environment, the firm needed to demonstrate to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) that the executive and non-executive board members were equipped with the necessary expertise to challenge the Chief Information Security Officer (CISO) and discharge their fiduciary responsibilities.
The Challenge
Cyber security has become a critical boardroom issue, with regulators expecting senior leadership to take an active role in governance, risk management, and oversight. The board faced several challenges:
- Ensure that executives and non-executives have sufficient cyber expertise to engage in meaningful challenges and oversight of the CISO.
- Demonstrating to the FCA and PRA that cyber security was being managed at the highest levels of the organisation.
- Embedding cyber risk into the broader risk management framework, ensuring alignment with regulatory expectations and business objectives.
- Providing independent assurance on the company's cyber security strategy, policies, and risk appetite.
Our Approach
For the past seven years, we have served as the trusted cyber security advisor to the board, delivering ongoing strategic guidance, independent oversight, and regulatory assurance.
Our approach included:
- Board-Level Cyber Education & Awareness Ensuring that both executive and non-executive directors understood key cyber risks, threat trends, and regulatory expectations through tailored briefings and knowledge sessions.
- Regulatory Alignment & Assurance Mapping the organisation's cyber governance framework to FCA and PRA expectations, providing assurance that board oversight met regulatory standards.
- Independent CISO Challenge Facilitating structured board discussions and independent challenge sessions with the CISO, helping non-executives ask the right questions and ensuring cyber security remained a top priority.
- Risk Appetite & Reporting Frameworks Assisting the board in defining and refining the company's cyber risk appetite, ensuring that KPIs and KRIs provide clear visibility into risk posture and performance.
- Crisis Preparedness & Incident Response Running board-level tabletop exercises, stress-testing decision-making processes, and enhancing leadership preparedness for cyber incidents.
The Impact
Over seven years, our board advisory service has delivered tangible improvements in cyber governance and regulatory assurance:
- The executive and non-executive board members are now confident in challenging the CISO and making informed decisions on cyber risk.
- The organisation has successfully demonstrated to the FCA and PRA that cyber security oversight is embedded at the highest level, reducing regulatory scrutiny.
- The cyber risk reporting framework now provides the board with clear, actionable insights, ensuring alignment with business strategy and risk appetite.
- Board-led cyber resilience initiatives have strengthened the company's incident response capabilities, reducing potential regulatory and reputational risks.
Cyber security is a boardroom responsibility. Is your leadership team ready? Let's talk.
