The Board's Role in Managing Cybersecurity Risks

Today, more than ever, the demands posed by issues of cybersecurity clash with both the need for innovation and the clamor for productivity. Increasingly, cybersecurity risk includes not only the risk of a network data breach but also the risk of the entire enterprise being undermined via business activities that rely on open digital connectivity and accessibility. As a result, learning how to deal with cybersecurity risk is of critical importance to an enterprise, and it must therefore be addressed strategically from the very top. Cybersecurity management can no longer be a concern delegated to the information technology department. Corporate boards of directors are expected to ensure cybersecurity, despite the fact that most boards are unprepared for this role. A 2017-2018 survey by the National Association of Corporate Directors found that 58% of corporate board member respondents at public companies believe that cyberrelated risk is the most challenging risk they are expected to oversee.