Corporate information risk : an information security governance framework

Information Security is currently viewed from a technical point of view only. Some authors believe that Information Security is a process that involves more than merely Risk Management at the department level, as it is also a strategic and potentially legal issue. Hence, there is a need to elevate the importance of Information Security to a governance level through Information Security Governance and propose a framework to help guide the Board of Directors in their Information Security Governance efforts. IT is a major facilitator of organizational business processes and these processes manipulate and transmit sensitive customer and financial information. IT, which involves major risks, may threaten the security if corporate information assets. Therefore, IT requires attention at board level to ensure that technology-related information risks are within an organization’s accepted risk appetite. However, IT issues are a neglected topic at board level and this could bring about enronesque disasters. Therefore, there is a need for the Board of Directors to direct and control IT-related risks effectively to reduce the potential for Information Security breaches and bring about a stronger system of internal control. The IT Oversight Committee is a proven means of achieving this, and this study further motivates the necessity for such a committee to solidify an organization’s Information Security posture among other IT-related issues