With the increased regulation surrounding cyberattacks, more and more executives are seeing these attacks for what they are – serious threats to business operations, profitability and business survivability. But what about the Board of Directors? Are they getting all the information they need? Are they aware of your organization’s cybersecurity initiatives? Do they understand why those initiatives matter? Maybe not.
According to Harvard Business Review, only 47% of board members regularly engage with their CISO. There appears to be a huge disconnect between cybersecurity reality and Board of Director awareness. And in the case of a cyber crisis, your organization’s Board may be critical in making those key decisions that customers/clients, the public and now regulatory bodies further require.
The value of engaging the Board of Directors
As evidenced by the Cost of a Data Breach Report 2023, cyberattack and data breach costs are increasing year over year. In 2023, the cost of a data breach has increased by 15.3% since 2020. The attack surface of many organizations is also increasing with digital transformation efforts.
With recovery costs skyrocketing and more technology to secure, boards need to be involved in key decisions and they should be aware of what kinds of protections are in place. Boards of Directors are responsible for ensuring an organization stays profitable and accountable to its stakeholders. An ill-informed board may be frustrated and left with the feeling of being unprepared in the case of a cyber crisis ..
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