Highlights: Cyber Risk Guidance for Boards

Episode Summary

Data security continues to be a challenging risk for all boards to oversee. The unfamiliarity of cyber threats–coupled with the disastrous implications of a data breach–continues to place this issue at the top of board agendas. While there’s no surefire way to prevent a cyberattack, there are critical steps that boards and companies can (and should) take to mitigate cyber risks.

In this special highlights episode, we revisit past episodes to extract our best advice for boards on all aspects of oversight and liability. In this episode, we cover:

  • How should boards structure their oversight of cyber risk?
  • What kind of risk can acquisitions or third parties pose?
  • How do boards prioritize their protection of assets?
  • How can board members mitigate the liability risk associated with a cyberattack?
  • What cybersecurity resources are available for boards?
[Boards shouldn’t] think that [cyber] is something so technical and brand new that they don’t have a handle on it. Boards have dealt with risks of all kinds within their organizations in the past—they have adopted new risks over time. If they’re skilled and feel confident doing that, then they should feel confident about cyber.
— Michael Kaiser, Former Executive Director, National Cyber Security Alliance

To access the full episodes cited in this highlights episode, see below:

1. The Steps Your Board Must Take When Overseeing Cyber Risk

Michael Kaiser, Former Executive Director, National Cyber Security Alliance
Michael Kaiser cyber risk

2. The Board’s 6 Steps To An Effective IT Oversight Framework

Charles Beard, Principal & Cyber Risk Expert, PwC
Cyber risk and boards

3. What Corporate Directors Need to Know About Cyber Threats

Michael Mason, SVP & Chief Security Officer, Verizon; Jeff Mazanec, Chief Security Officer, General Dynamics; and David Mahon, VP & Chief Security Officer, CenturyLink
Chief Security Officers

4. Board Legal Issues: Activist Investors, Compensation & Cyber Risk

William Chandler, Former Chancellor, Delaware Courts and Partner, Wilson Sonsini Goodrich & Rosati
cyber risk liability

5. The FBI Outlines ​Cyber Threats Challenging Corporate Boards

Robert Anderson, Jr., Former Executive Assistant Director, FBI Criminal, Cyber, Response & Services Branch; Now Managing Director, Data and Analytics, Navigant
FBI cyber risk resources

More insights on the Board Oversight Series

Board Oversight Series on cyber risk

This interactive series offers a 360-degree view of cyber risk oversight in today’s boardrooms. How are other boards structuring oversight? Should boards be recruiting cyber experts? We address these questions and many more!

Board Oversight Series