Experience overseeing cybersecurity risk is increasingly in demand in the boardroom, according to a key finding of the 2014 “What Directors Think” survey report recently released by NYSE Governance Services and senior executive search firm Spencer Stuart. In fact, the report shows information technology expertise is the fourth most-desired attribute for new corporate board members, following only financial expertise, industry expertise, and CEO experience.
The survey of nearly 600 corporate directors revealed that 20% of directors are not confident that their board understands the many facets of cybersecurity risk. According to a press release about the report, “Overall, boards indicated they were confident in their ability to monitor cyber risks; however, about 40% acknowledged there was room to improve knowledge and understanding of risk oversight in general.”
"Risk oversight has always been a key focus for boards but with developments in technology and the rise of social media, many are reassessing their skillset or partnering with organizations that specialize in risk management," said NYSE Euronext Head of Global Issuer Services Jean-Marc Levy in the press release.