Stay current on changes and developments in corporate law with a wide variety of resources and tools.
By Yin Wilczek
June 22 — Boards must significantly improve their understanding of cybersecurity risks, a National Association of Corporate Directors survey finds.
In early findings from its forthcoming “2015-2016 Public Company Governance Survey,” the NACD noted that only 11 percent of respondents believe their boards have a high level of understanding of cyber risks.
Moreover, almost one-third of the outside directors surveyed are dissatisfied with the quality of information provided by management with respect to cybersecurity and risks, while more than half are dissatisfied with the quantity of that information, NACD said in a June 22 release.
Cybersecurity has become a top regulatory and board concern in the wake of several high-profile breaches involving companies in a diverse range of industries. Recent incidents include those at Target Corp., JPMorgan Chase & Co., Anthem Inc. and Home Depot Inc.
In the release, NACD Chief Executive Officer Ken Daly suggested that boards “recognize cybersecurity as an enterprise-wide risk management issue that should be part of every board discussion.”
• understand the legal implications of cyber risk;
• devote regular time on the agenda for cyber risk management;
• expect management to set up a cyber risk management framework; and
• identify which risks to avoid, accept, mitigate or transfer through insurance.
NACD Chief Marketing Officer Henry Stoever told Bloomberg BNA in an e-mail that the full results of the survey will be released at NACD's annual summit in September.
To contact the reporter on this story: Yin Wilczek in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Ryan Tuck at email@example.com
The release is available at https://www.nacdonline.org/AboutUs/PressRelease.cfm?ItemNumber=15879.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)