If the devastating and embarrassing hacks successfully
perpetrated on Target, JPMorgan Chase, Home Depot, and other established brands
have proved one thing, it's that top management needs to take responsibility
for cybersecurity. However, a recent Ponemon study shows that most
boards of directors don't understand the risks as well as they should.
Smart C-level executives and boards of directors are
starting to recognize just how much responsibility they have for protecting the
safety, security, and integrity of their networks and data. They're finally
aware that cyber risk is one of the most pressing threats to the business,
right up there with credit risk, liquidity risk, and operational risk. But
awareness isn't enough. It takes action:
- Educating the board and C-suite about the company's cyber risk profile
- Finding sufficiently expert advisors to provide ongoing insight and assistance
- Conducting regular reviews of the company's cyber risk management plans and breach readiness status
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