Is Your Board of Directors Anxious About Its Cyber Liability?
If you’re the CFO of a big corporation, odds are that you’ve had a few anxious discussions with your Board of Directors about the current state of cyber risk governance. The country’s largest corporations have suffered countless cyber attacks in recent years. Even the Office of Personnel Management for our own government suffered a breach in early 2014 that was not reported right away and subsequently under-reported to those affected. This has left consumers very suspicious and concerned that no organization may be adequately protected against data breaches.
New Risk Governance Strategies
A recent study found that 53 percent of the 277 directors and officers surveyed were convinced that they were ill-prepared to manage today’s more advanced cyber threats. They listed this in their top five concerns, saying that they believe a massive cyber breach could significantly impact their organization at any given time. The experts are now saying that it’s not a matter of “if” your company is affected; it’s a matter of “when”.
Globally, the cost of cybercrimes is rising at an alarming rate. Companies reported a 78 percent increase in data breaches from 2013 to 2014. This alarming increase has the board of directors at many companies worried about their future. Add to that a growing increase in the inability to find good D&O coverage that would protect the board members from personal litigation.
Cyber Risk Governance Solution
At Cybernance, we understand that Directors want to be more effective in overseeing cybersecurity initiatives. They’re very concerned about keeping their customer’s data safe, but facing growing pressure from government agencies like the SEC and FTC. Our cybergovernance model is based on widely accepted industry standards from NIST and the Department of Energy and it will get the job done. Please contact us to learn more about how our software can enhance cyber risk governance for your company.
Get more in-depth coverage with the Cybergovernance Journal
In times of a cyber breach, fast communications are crucial to stop it. Yet many corporate heads are not sure how to handle the cyber risk issue.
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