Cyber Security and Digital Corporate Governance in the Commonwealth | 20th September 2022 Recording

Mr Jay Shaw; Founder and CEO, Praxonomy

With over 20 years of experience in the IT industry and serving on both corporate and non-profit boards, Jay Shaw is a member of the UK’s Institute of Directors and the Financial Times Non-Executive Director Programme to coach board directors on cybersecurity awareness and corporate responsibility. He founded Praxonomy in 2017, a UK-based technology company which aims  to help and empower boards by enabling them to become more efficient, effective, and compliant with a powerful, accessible, and innovative software solution that is easy to use and highly intuitive. Their SaaS (software as a service) product, BoardLogic, provides a centralised, highly-secure platform for board of director’s to meet, engage, and lead in the era of modern digital corporate governance.

During this webinar, Jay provides a detailed and eye-opening analysis of the major shifts in the landscape of cyber-risk management in the post-COVID era and outlines the intricate nature of cyberattacks and their common attack vectors including cyber espionage, hacktivism and state- sponsored cyberattacks. He explains how and why companies’ and individuals’ data is targeted and goes on to comprehensively describe the implications of such attacks and the extent of damage they can inflict on the businesses’ performance and reputation, notably also the penalties and court cases that such attacks can  result in just through the click of one legitimate-looking (but definitely not) link in an innocuous-looking email.

While the first part of the webinar invokes many understandable anxieties about the complicated and obscure realm of cyberattacks, Jay generously shares of valuable insights on cybersecurity which he has accumulated throughout his years of expertise in the field, providing useful resources to evaluate both personal and corporate cybersecurity as well as tools to be used to prepare for the inevitable increase in both volume and level of danger of cyberattacks in the coming decade. In addition, Jay also shares thought-provoking information on the dearth of corporate responsibility in regards to cybersecurity, urging board members across the Commonwealth to arrange frequent audits and test runs to evaluate their security systems and to use separate databases and information sharing platforms amongst different departments of companies in an effort to mitigate damage in the event of cyberattacks.  

The World Economic Forum Global Risks Report 2022 labels cybersecurity amongst the top and most rapidly growing global risks for the coming ten years for both industry stakeholders and non-industry stakeholders. In 2020, malware and ransom attacks grew by a staggering 358% and 435% respectively making cybersecurity one of the top risks amplified by by the COVID-19.

The Commonwealth of Nations has been taking proactive steps in tackling this global crisis. During the Commonwealth Heads of Government Meeting (CHOGM) in 2018, the Commonwealth Cyber Declaration was officially ratified as the organisation’s blueprint to build a cyberspace to protect the rights of individuals online and drafting a collective of common understanding of good practices to lay the foundation for an effective and co-ordinated network amongst member nations for immediate cybersecurity responses.

Watch the full recording of our webinar via the video link on the top of this page.

With

Ms Julia Charlton; Chairman, Commonwealth Chamber of Commerce