Why Should Corporate Boards Get Involved in Cybersecurity?
When corporate executive boards stay too far removed from the everyday operations of their companies, they open themselves up to risk. Cybersecurity is one area that’s too important to ignore, but may not be on the board’s radar. The Chartered Institute of Management Accountants recently urged board members to look into defending their organizations from digital threats. (May 1, Ovaska-Few)
Fortunately, a greater awareness of cyber risk has begun to filter up to executive boards. While fewer than 40 percent of directors discussed security matters in 2014, 90 percent of them discussed these concepts in 2016. With major breaches earning coverage in mainstream and industry media alike, directors realize the damage such an event could cause for their organizations.
Directors may be talking more about the risks of hacking, but they are not yet confident they can address these dangers in an effective way. Prevent problems before they emerge requires a commitment to learning more about the types of threats facing their specific businesses and intervening when they see inadequate preparation for such issues. If they wait to suffer a breach before committing to improvement, it will be too late.
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