Bloomberg BNA’s Corporate Law & Accountability Report is available on the Corporate Law Resource Center. This news service keeps corporate practitioners informed of legal developments of...
Aug. 4 — Cybersecurity risks have become a major concern for boardrooms, a recent survey shows.
According to the fifth annual board survey by accounting consultancy EisnerAmper LLP, cybersecurity/information technology risk has replaced regulatory compliance risk as the second most important concern to boards.
Sixty-two percent of boards identified cybersecurity/IT risk as a major concern, an increase of 10 percent compared to 2013, the survey found. As before, reputational risk—at 72 percent—remains the top concern for boards, according to the survey.
The EisnerAmper survey—released July 22—from January to March polled directors serving on more than 250 companies across a variety of industries. The surveyed companies included those that were publicly traded, private, not-for-profit and private equity-owned.
Cybersecurity has become a top regulatory concern in the wake of several high-profile incidents, including one at Target Corp.
In June, Securities and Exchange Commission member Luis Aguilar urged boards to include cybersecurity preparedness as a critical part of their risk oversight responsibilities. The SEC has opened a number of investigations to examine whether hacked companies properly handled and disclosed a growing number of cyberattacks.
In other highlights, the EisnerAmper survey found that interest in the Jumpstart Our Business Startups Act remains lukewarm.
Fewer than 10 percent of boards said they were planning to take advantage of the opportunities arising under the statute, it found. “It may be worth considering: Is the opportunity as significant and/or as far-reaching as the current [media] coverage portrays it to be, or does the remainder of the legislation need to be written prior to the engagement of these organizations?”
The SEC has yet to implement major portions of the JOBS Act, including crowdfunding and a new $50 million threshold under Regulation A.
The survey is available at http://www.eisneramper.com/Concern-over-cybersecurity-0714.aspx.
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 email@example.com.
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 firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)