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2engage / Corporate Governance  / Boards Take Deeper Dive on Cyber Risk & Reassess Oversight

Boards Take Deeper Dive on Cyber Risk & Reassess Oversight

We all remember the cyber attack on Equifax which impacted nearly 145 million Americans. Of course the hack ignited a fire under boards across the country to take inventory at their own companies. Boards are now working closer and closer with their chief information security officers and other internal technology experts to understand where the gaps are and where improvement is needed.

According to a WSJ article:

“More than one in five directors say they are dissatisfied with the quality of cyber-risk information that the board gets from management, according to a 2017 survey of 583 directors and executives with governance duties by the National Association of Corporate Directors. Those who feel confident the company they serve is properly secured against a cyberattack fell to 37% last year from 42% in 2016.”

Cybersecurity is top of mind for many companies and is one of those “what keeps you awake at night” types of concerns for boards, CEOs, and technology professionals across the country. The SEC may even issue cyber security guidance this year to ensure companies are disclosing relevant information to investors in a timely fashion, among other things. Additionally, investors are pressing companies for technology competent board directors and to ensure the right directors are in place to oversee company strategy over the long-term.

Read the WSJ article here: Boards Seek Bigger Role in Thwarting Hackers

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