Boards Seek Bigger Role in Thwarting Hackers
"Corporate boards are seeking greater insight into cybersecurity risks in the aftermath of the recent breach at Equifax Inc.," states the Wall Street Journal (Jan. 11, Nash, Lublin, Andriotis). According to a 2017 National Association of Corporate Directors (NACD) survey of 583 board members and executives with governance duties, over 20 percent of directors say they are dissatisfied with the quality of cyberrisk information their board gets from management. Those who feel confident the company they serve is properly secured against a cyberattack decreased from 42 percent to 37 percent year over year. Board committees dedicated to information technology risks and strategy remain rare. In fact, only four Fortune 100 companies currently operate one. "Many boards monitor cybersecurity issues in risk or audit committees, with some discussion in general board meetings," added Gerry Czarnecki, principal of Deltennium Group, a governance consulting firm. He works with the NACD to train board members in cybersecurity matters.
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