Many, if not the majority of, big decisions at organizations come from the boardroom. Typically, the board of directors focuses on driving the direction of the company. Because most boards approve yearly budgets, they have significant oversight of resources and areas of investment.
As cybersecurity attacks continue to increase, organizations must make key budgeting decisions that can affect the future of the company. Cybersecurity issues are now increasingly brought up to the board of directors at organizations across all industries.
“Overseeing cyber risk is incredibly challenging,” Dottie Schindlinger, executive director of Diligent Institute, said via email for a recent Cybersecurity Dive article. “With the global cost of cyber crime expected to reach $10.5 trillion by 2025, cybersecurity has become a board-level imperative.”
Role of the Board of Directors in Cybersecurity
Many organizations struggle to understand the role of the board of directors in cybersecurity, especially the level of involvement. According to the Diligent survey What Directors Think, board members ranked cybersecurity as the most challenging issue to oversee, ahead of digital transformation, innovation, new technologies and capital allocations. By providing support and education to your board members, you can reduce stress as well as help them access the information they need to guide your company.
Dr. Wolf Richter, a partner at McKinsey & Co., said during a McKinsey & Co. podcast that the board of directors and the executive leadership need to engage in a critical conversation. He said boards need to be able to answer these question ..
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