Board of Directors Are More Concerned about Security Than Ever Before

By Chad Lomax, Managing Partner Omegapoint and Joakim Thorén, Versasec CEO

Since the ouster of Target's chairman, president and CEO in May 2014, board of directors are realizing that their own job security is closely linked to the overall security health of their companies. Corporate security is no longer a CIO-only problem and can negatively impact a company's stock price, customer retention rate and overall sales.

A recent Gartner survey of nearly 1,000 people in large organizations found that corporate and cybersecurity have been elevated and now typically are governed by the board of directors. In fact, Gartner's results showed 71 percent of respondents saying IT risk management data influences decisions at the board level and reflects an increasing need to deal with IT as part of corporate governance. It's clear that board of directors must educate themselves if they want to protect their companies and their own jobs.

Chad Lomax, Managing Partner at Omegapoint Inc, and Versasec's CEO Joakim Thorén team up in a two-part Security Magazine series to identify the key security questions and contingencies that every board member should intimately understand. They delve into the following three basic tenets to assist board-level members in grasping the nuances of protecting companies from outside and insider security threats. These tenets include:

  • Understanding security drivers and risks
  • Developing principals to oversee cybersecurity
  • Assessing the risks for ensuring the organization's safety.

To read the complete article, visit "What Every Board Member Needs to Know about Security".

Tags: iam, cybersecurity, two-factor, board, directors, target, cybercrime, governance.