By
Amanda Iacone
Retired accountants and auditors are on the front lines of cybersecurity in corporate
boardrooms where they face a learning curve, rapid technology changes, and a shifting
risk landscape.
Board audit committees have expanded their traditional risk oversight role to take
on the latest threat to companies’ profits and reputations. But the constant pressure
of hacks and data breaches is placing new demands on these part-time directors.
The time audit committees spend addressing cyber risks has spiked in recent years
as regulations have grown. The extra work also requires committee members to stay
on top of best practices to effectively manage the companies they oversee, committee
members told Bloomberg Tax.
“This is one of the biggest changes, if not the biggest change, in what is on an audit
committee’s agenda in the past 15 years,” said Rob Fryer, a retired auditor who serves
on the audit committee for Shanta Gold Ltd., a London-listed mining company. “It takes
a big chunk of time.”
Regulations Add to Workload
New cybersecurity-related regulations—the…
