According to the survey, about two-thirds of directors are less than confident about their company’s cybersecurity. This finding is not surprising given the frequency of data breaches these days. There is a growing sense of exasperation, as if we are living in an age of a great plague, with bodies piling up in the streets.
Privacy and cybersecurity have become issues that should be addressed at the board level. No longer minor risks, privacy and cybersecurity have become existential issues. The costs and reputational harm of privacy and security incidents can be devastating.
Yet not enough boards are adequately engaged with these issues. According to a survey last year, 58% of members of boards of directors believed that they should be actively involved in cyber security. But only 14% of them stated that they were actively involved.