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Survey Results Part Two: Directors Must Drive Cybersecurity Improvements
Partner Content Provided by
WSJ Pro
WSJ Pro, the Wall Street Journalʼs professional arm, collaborated with NACD to gather survey responses from 472 corporate board directors on the current state of the board members' cyber-risk management expertise and preparedness to deal with cyberattacks. The research provides a snapshot ahead of upcoming rule changes from the US Securities and Exchange Commission.
The research is split over two papers. This paper focuses on how directors and management oversee cybersecurity and preparedness for cyberattacks. The other paper covers the prevalence of cyber expertise on corporate boards and how those lacking expertise plan to address the gap.
Key Points
- Board directors largely have confidence in management to effectively deal with cyber risk. Sixteen percent rated management ‘excellent’ and 43% rated management ‘very good’.
- Directors are only setting the agenda for their cyber briefings in a small minority of cases, possibly suggesting they do not know the information they need to conduct effective risk oversight.
- Boards that are briefed by the CIO or CISO are more likely to report an ability to use that information to effectively oversee cyber risk.
- Tabletop exercises involving cyber scenarios are lacking. Less than half of all respondents said their board had participated in one or more during the last 12 months.
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