An Open Letter To Uber’s CEO On America’s Technology Leadership
Corporate boards are no longer just a check-the-box compliance function, but strategic capabilities that can and should be a source of long-term competitive advantage. So make yours one when it comes to technology and its risks. A Technology and Cybersecurity Committee will effectively interact with your management team to create and preserve the technology fueled value that they are responsible for. You state your committment to “operational excellence” as a pillar of Uber’s platform, your committment to governance excellence also needs to deliver where it counts the most.
You’ve also applied an exceptionally poor, albeit common practice by tasking your board Audit Committee with oversight of cybersecurity risk. While many apply this weak practice, it’s an approach firmly anchored in 2003, not 2020. You can do better and need to.
Your S-1 notably calls out the significant negative impact your business has had due to “adverse publicity events.” While corporate governance doesn’t guarantee adverse events won’t occur, effective corporate governance can significantly improve your overall approach to lowering risk as well as your ability to respond to it.
Cybersecurity is a critical risk factor for your business and to your stakeholders. It deserves the focused attention and effectiveness of a dedicated committee.
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