Organizations of every size and in every industry are vulnerable to cybersecurity risks—a dynamic landscape of threats and vulnerabilities and a corresponding overload of possible mitigating controls. Businesses that want to get ahead of this risk understand the value of having deep cybersecurity competencies on their board. To ensure boardroom skills reflect the patterns of the marketplace, companies such as FedEx, Hasbro, PNC, and UPS have transformed their approach to governing cyber risk, starting with board cyber expertise.
However, board members face a significant challenge in fulfilling their fiduciary responsibilities in the oversite of cybersecurity and data privacy risk. Being a knowledgeable board member does not mean becoming a cybersecurity expert, but it does mean understanding basic concepts, risks, frameworks, and approaches. And it means having the ability to assess whether management appropriately comprehends related threats, has an appropriate cyber strategy, and can measure its effectiveness. Board members today require focused training on these critical areas to carry out their mission.