Corporate Governance Issues: IT Risk Management
The company's senior managers are reviewing the company's Annual Report, which will be presented at the next quarterly shareholder's meeting. The annual report includes the following risk statements:
1. Cyber-attacks could affect our business.
2. Disruptions in our computer systems could adversely impact our business.
3. We could be liable if third party equipment recommended and installed by us, i.e. smart home controllers, fails to provide adequate security for our residential clients.
Write a two page briefing paper (five to seven paragraphs) which can be used by a member of the corporate board to explain these risks to shareholders. Provide specific examples of the types of risk events which could occur and the potential impacts (e.g. financial, reputation, client trust, etc.) Remember, the board members and shareholders are likely non-technical, so make sure your paper can be understood by laymen.
Provide in-text citations and references for 3 or more authoritative sources. Put the reference list at the end of your posting.