The role of internal control within cybersecurity based on the COSO Model - ERM

Abstract

With this research we wanted to study the role of Internal Control, in relation to the mitigation
of cyber risk, called an emerging risk product of today's hyperconnected society. Every venture
or business activity currently requires two very relevant things for the future success of your
operation, these elements are: Internal control and use of technological tools to position
yourself in cyberspace, which is the place where your customers are. Based on this premise,
it is mandatory to have positioning in social networks or the so-called "digital footprint" in
conjunction with control processes for all business activities, taking into account that said
controls must be designed to help business objectives without hindering the economic activity
of the business. The article addresses the topic of cybersecurity, which is a constant concern
for modern organizations that depend on digital information. The main focus of the article is
the internal control and enterprise risk management of COSO ERM, which is a set of policies,
procedures, and tools to address cybersecurity risks. The article explains that cybersecurity is
the practice of protecting technological systems and confidential information from digital
attacks. The evolution of COSO ERM from its introduction in 2004 to the current 2017 version,
which addresses cyber dangers and insecurities in modern organizations, is also discussed.
At the end of our investigation, we were able to conclude that we must change the focus
towards cyber-risk and rely on efficient models for its mitigation.