Cybersecurity, once a topic relegated to the IT team, is finally getting attention in the boardroom.
The Wall Street Journal reports that after a series of recent high-profile data breaches, like the one that hit Target Corp. near Christmastime, corporate boards are waking up to the realities of cyber-threats and the importance of cyber-security.
At the first cybersecurity summit of the National Association of Corporate Directors in Chicago, federal officials and others said many companies remain ignorant of, and unprepared for, Internet intruders. Some attendees voiced concerns that bloggers often learn of data breaches before executives at the affected companies. It is the board’s responsibility to ensure that management has put into place safeguards to mitigate risks that may adversely affect the business.
“There may be a gap that exists between the magnitude of the exposure presented by cyber-risks and the steps, or lack thereof, that many corporate boards have taken to address these risks,” Securities and Exchange Commissioner Luis Aguilar told directors earlier this month at a cybersecurity conference at the New York Stock Exchange.
Companies need to think about cybersecurity in terms of reducing risk, mitigating damage to the company’s reputation and regulatory and legal headaches rather than in terms of ROI. It does not take a disaster of major proportions to have an adverse impact on a company’s business, financial performance or reputation. Keeping up with cybersecurity risk is not a set-and-forget type thing. As a company’s size and complexity change, the board must review plans periodically and have management update them regularly.
ACE IT Solutions’ Security Services, offered in partnership with IBM, provide a simple and cost-effective way to limit potential threats 24×7. Through our partnership with IBM, ACE IT Solutions leverages one of the world’s largest collections of security information and advanced analytic capabilities to deliver cybersecurity services that can be tailored according to a client’s specific needs. Contact ACE IT Solutions at 646-558-5575 to schedule a free security assessment.