Cyber Security Risks And The Board Of Directors
Today s boards of directors know this and they are asking their executive teams to provide more transparency on how their company manages cybersecurity risks.
Cyber security risks and the board of directors. This client alert was also published by law360. Board members will have many questions about the organization s security strategy during this unprecedented event. Cybersecurity is now the responsibility of the board of directors and boards should acquire the skills needed to protect the organisation from cybersecurity threats. Security and risk leaders will be presenting to the board at least on an annual basis with some on a more frequent rotation.
Cybersecurity is one of the highest priority issues for public company executives and directors. Cybersecurity and boards of directors. In fact 42 of the nearly 500 leaders surveyed by the national association of corporate directors listed cybersecurity risks as one of the. Messaging and communication are especially important in the current context of a global pandemic.
If you are a technology leader responsible for security achieving your goals often includes building alignment with the board. Understanding corporate risk learn how corporate risk can be capitalized on in order to maintain a high profile for cybersecurity among enterprise board of. As board members realize how critical security and risk management is they are asking leaders more complex and nuanced questions. The national association of corporate directors nacd director s handbook on cyber risk oversight outlines five principles that all corporate boards should consider as they seek to enhance their oversight of cyber risks directors need to understand and approach cybersecurity as an enterprise wide risk management issue not just an it.
A 2017 2018 survey by the national association of corporate directors nacd found that 58 of corporate board member respondents at public companies believe that cyber related risk is the most challenging risk. Cybersecurity is a top concern for boards of directors. This note shares our views developed over our involvement in the aftermath of many cybersecurity events as well as counseling on cyber preparedness on how boards can properly oversee cybersecurity risks. Ask most board directors and ceo s to define cybersecurity and artificial intelligence in a board meeting.
This research helps security and risk management leaders decipher five categories of questions they must be prepared to answer at any board or executive meeting.