The Price of Convenience: Communications, Cyber Risk, and Cybersecurity Practices of Corporate Boards

Over the past decade, the issue of cybersecurity has increasingly gained attention in boardrooms around the world, adding yet another critical topic to already packed board agendas. Cyber risk, which has always represented a significant area of enterprise risk, is finally being acknowledged as intersecting with other areas of the board’s oversight, including strategy, operations, and legal, financial, and reputational risks. Yet, while more directors now recognize that their company’s cyber risk management strategy is an area of board concern, many directors lack the necessary expertise to feel fully confident in navigating cybersecurity issues.

This survey’s focus was threefold:

• to determine how companies safeguard board communications, while maintaining a high level of effectiveness
• to ascertain the current level of awareness and readiness of corporate directors to navigate related cybersecurity issues
• to identify potential areas for improvement in managing and mitigating the cyber risks of board communications