Recent news about hackers breaking into large companies’ systems and wreaking havoc has caused senior executives at companies of all sizes to consider adding cyberinsurance to their portfolio of protections.
Since the Target breach more than a year ago, we at Chief Executive have gone to great lengths to make it clear to CEOs that cybersecurity is now their responsibility. We’ve emphasized that they need to be fully up to speed on their company’s protective capabilities and emergency response plan, to ensure the systems are strong enough to keep hackers out and to ensure that they themselves can adequately answer all questions on the topic from board members, shareholders and the media, both during quiet times as well as after an attack. This article is a thorough blueprint that can help fulfill both those goals by fast-tracking CEOs’ cybersecurity learning process.
Cybercrime, social media and shareholder activisim are just some of the new pressures board members are concerned about, according to the 12th Annual Director Survey by Spencer Stuart.
There is no question that the topic of cybersecurity is top of mind for directors and officers of all types of companies. In the wake of cyber breaches, the role of the board of directors in cybersecurity risk management has come into focus in response to increasing regulatory scrutiny and the rising threat of private shareholder litigation.
Big Data offers a multitude of opportunities to connect with customers in amazing new ways. Vast quantities of customer information are now flowing into businesses from social media, smartphones, bots, GPS devices, cameras, appliances, and satellites, and increasingly sophisticated computer algorithms are attempting to turn it all into actionable intelligence. Amid all the excitement, it should not be forgotten that few business people—even C-level executives—truly understand what a revolutionary force Big Data is, or the disruptive threat it represents for businesses of all kinds.
When it comes to being a victim of cyber attacks, mid-market companies are finding that no business is too small for a hacker’s purview. With financial losses from security incidents rising 18% from 2013 to 2014, executives are working on doing whatever it takes to develop adequate safeguards. And many feel the federal government’s involvement may also help, particularly, among small to mid-sized businesses.
All companies—not just big, public firms—are vulnerable to security breaches. Fortunately, there are measures CEOs can take to mitigate risk.
Due to their high profiles, CEOs face heightened risk from credit card and other personal data and privacy breaches.
Currently, 47 states have cyberbreach notification laws, according to a survey by Software Advice, a software selection consultancy. Yet, just one third of survey respondents, who are SMBs, are confident that they understand their state's laws.
Never has so inconsequential a film had such a major impact on international politics or business.