© 2019 Association for Computing Machinery. The securitization theory developed as part of the "CopenhagenSchool" has been adopted to a variety of security issues such asMilitary, Environment, Economics, Societal and Political Security.This paper adopts this theory to Cybersecurity to address theissues of cyberspace and then adopts the concept of corporategovernance to develop the Cyber Governance Complex. CyberGovernance Complex visualized dynamic relationships amongvalues of corporate assets that are accessible from cyberspace,intentions of hackers and criminals, discourses between governingbody and management, and status of cyber risk and controls. Itallowed governing body in the firms to balance corporate valuewith cyber risk based on understanding of these dynamicrelationships through discourses with management.