A picture of an empty conference room in a city. In this new era of cyber threats, it is crucial for board members and C-level executives to embrace a strategic risk management approach to combat potential threats facing their organization.
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Cyber threats are a strategic enterprise risk that require significant focus and time by boards and C-suite members, among other key stakeholders. Yet, many organizations have worryingly low board and executive-level engagement around cyber risk, according to the Marsh Microsoft Global Cyber Risk Perception Survey. Moreover, the practices employed to counteract these risks by many firms that lack sufficient senior management engagement significantly lag in effectiveness relative to the critical nature of cyber risk.
Recent shifts in the way insurers are covering cyber risk may necessitate changes in many organizations’ approaches to insuring this risk. It’s imperative that board members become more knowledgeable on how insurance market changes can affect their…
