Two new research reports are further cementing what many corporate leaders already know: 2024 will be the year of cybersecurity. The Allianz Risk Barometer rates cybersecurity as the biggest risk to business, according to risk leaders, while annual reporting by Corporate Board Member, Diligent Institute and BDO found that board members are most challenged by AI, cybersecurity and data privacy.
In both long-running surveys, cybersecurity has long been a leading concern, but with 2024 being the first full year for the SEC’s new rules requiring publicly traded companies to make timely disclosures of “material” cybersecurity incidents, infosec is clearly (or should be) top of mind for all corporate leaders.
Notably, the board director report found that while boards have long agreed that cybersecurity is an oversight challenge for them, they tended to rate preparedness for the SEC’s new rules as lackluster, giving themselves a 6.75/10 and management a 7.28/10. While no cases have as yet been brought against organizations for failing to comply with these new rules, recent SEC enforcement actions, including charges the agency filed against SolarWinds’ chief information security officer, suggest consequences will be serious. The report attributes board members’ trepidation when it comes to…
