Yesterday Forbes featured an excellent article that explained why it is important for companies to create Board-level committees to focus exclusively on the issue of cybersecurity. Here is just a teaser but I encourage you to read the entire article.
Step one for every board is to understand that it is supposed to be offering oversight on these risks as part of its fiduciary duty. The board needs to assure there are internal controls in place to protect the corporation’s cyber assets. The stakes are high. A study found that up to $21 trillion in global assets could be at risk from cybercrime. What is needed is a solid board structure for monitoring and managing cyber risk in the company. To begin, I recommend is a series of committee briefings so “cyber security” is demystified and better understood. However, given the complexity and dangers involved, I think the time has come for boards to create a dedicated cybersecurity technology committee.