Mike Myatt, in his Chief Executive September 21, 2017 article said, “I often tell boards they can either do hard, or hard will do them.” He is referring to the discussion of cyber security and risk in the boardroom. It’s important that boardrooms reserve a seat specifically allocated for this topic. Boards handle the governance of a company and risk awareness and mitigation is pertinent to intelligent governance. Of course there are a multitude of significant topics: strategy, diversity, capital allocation, media relations, etc, but none of these issues pose the threat of immediate extinction-level risk.
If board members do not address these elephants in the room the risks can be enormous. A data breach can result in an IP being held for ransom, a stain on a brand’s reputation, a fall in stock price, the risk of class-action lawsuits, and harm to employees and customers with the exposure of their personal and confidential information.
Boards that do not take sensible steps in the areas of cyber security and risk will leave the company exposed and will pay a very heavy price down the road. Call Four Winds Network Services at 941.315.2380, we can meet with your CEO and board to make the responsibility of “Do hard” easier!