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Boards of Directors Becoming More Involved in Cyber Security

Boards of Directors Becoming More Involved in Cyber SecurityDuring the past year or so we have visited the need for company boards to become more involved in their cyber security strategy as data breaches and other network security issues today are such major threats for organizations. Cyber security incidents leave behind a wide range of operational, reputational and financial damages and without the oversight of a company’s board of directors there are significant legal and financial implications.

A new report issued by PricewaterhouseCoopers (PwC), “Turnaround & Transformation in Cyber Security: Key Findings from the Global State of Information Security Survey”, indicates that boards are beginning to realize their pivotal role in cyber security. According to the report, there was a double-digit uptick in board participation in most aspects of information security. In fact, respondents in the survey that PwC conducted and on which the report is based said that with this deepening board involvement there has been a notable improvement in cyber security practices.

First, there was a 24% boost in security spending, the report cites. In addition, other notable outcomes by survey respondents include identification of key risks, fostering an organizational culture of security, and better alignment of cyber security and overall risk management and business goals. Also telling is that board participation has opened the lines of communication between the cyber security function and top executives and directors, says the PwC report.

Guidelines from the National Association of Corporate Directors (NACD) indeed advise that company boards should view cyber risks from an enterprise-wide standpoint and understand the potential legal impacts. The NACD reinforces that boards should discuss cyber security risks and preparedness with management, and consider cyber threats in the context of the organization’s overall tolerance for risk.

At Axis Insurance Services, we specialize in procuring Cyber Liability/Privacy & Network Security insurance programs and can assist your organization in reviewing your risk tolerance to determine the right coverage for your firm. Policies differ from one insurer to the next and not all provide the scope and extent of coverage an organization may need. We have longstanding relationships with leading carriers in the Cyber arena and will work with you and our partners to secure an insurance policy that addresses and responds to your needs. Give us a call at (877) 787-5258.

 

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Blogged on: October 29, 2015 by Mike Smith
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