Written by Jake Olcott, VP of Communications and Strategic Partnerships, BitSight
In today’s evolving cyber risk landscape, Boards of Directors are becoming increasingly concerned about their company’s security performance. In fact, the NACD has found that 89% of public companies and 72% of private companies regularly discuss security at Board meetings. That’s because directors have become overwhelmingly aware not only that there has been a continual stream of data breaches in the last couple of years, but also that increasing regulation such as the GDPR has raised both compliance risks and public awareness of companies’ responsibilities for protecting personal data. Boards are being forced to acknowledge that the effects of a data breach go far beyond the direct hard costs, there is also a significant impact on customer trust.
To put some context around this, the Ponemon Institute Data Breach report published in July 2018 found that the average cost of a data breach has hit an all-time high of $3.86m, up 10% since 2014. However, according to the report, the hidden or indirect costs of a breach, including notifying customers and any subsequent loss of business,…
