PwC released its 2017 Annual Corporate Directors Survey at the end of last year where it polled over 850 board directors from a wide range of organizations across a dozen industries. Among the topics covered in the survey were the usual board-level concerns about executive compensation, diversity, shareholder activism and environmental, social and governance issues.
But there were also two key areas of interest for those concerned about cyber risks: strategy oversight and board oversight of IT and security. “Considering the pace of change, companies and boards need to be agile in addressing threats to executing their current strategy, as well as disruptions to their entire business model,” the survey stressed.
Do You Have Enough Cybersecurity Expertise?
Directors reported very high levels on skill sets related to financial expertise (85 percent), risk management expertise (65 percent) and industry expertise (62 percent). However, when it comes to cybersecurity expertise, only 16 percent of companies report having enough. Thirty-nine percent of boards currently have some expertise in cybersecurity in their ranks but admit to needing more — and one-third of boards currently…
