Should Your Corporate Board of Directors Be Responsible for Cyber Theft?

Recent cyber-attacks against big corporations such as Target Stores, Home Depot, JP Morgan Chase, large health providers and even the U.S. government, have exposed the personal data of millions of people and left them vulnerable. A new report says that a shocking 43 percent of U.S. companies have experienced some type of break-in and cyber risk increases daily.

With these cybersecurity attacks on the rise, many of the victims are currently pursuing legal action against the heads of major companies, saying that the Board of Directors is ultimately responsible. SEC Commissioner, Luis Aguilar commented before the New York Stock Exchange in 2014, saying that companies must now accept responsibility for these attacks and begin making their data much less accessible to cyber-attacks. In the future, the Board of Directors at large corporations could be held personally responsible for these breaches, making board communication more crucial than ever.

Enterprise Risk Management

That’s where Cybernance comes in. Our mission is to take all the complexity and mystery out of cyber risk oversight so that your board of directors can fully understand its role in keeping the public’s information secure. We understand the importance of making protection much more available and more wide-ranging.

We also believe that your Board of Directors should have a simple way to communicate with its security personnel and management staff. Our software platform provides your company with a high level of visibility over cyber-security readiness. But we go one step further. We provide your corporate directors with a warranty for legal expense protection in the event that a cyber breach results in litigation against the board.

To learn more about our Cybergovernance Maturity Oversight Model (CMOM) and Board of directors training, please contact us. The answer to your current cybersecurity problem is not just technology, insurance, or a change in directors’ oversight. It’s a comprehensive solution that protects you personally and corporately from liability.