Board Involvement In Cybersecurity Still Not What It Should Be

Price Waterhouse surveyed 10,000 CEOs, CFOs, CIOs and other executives and amazingly only 45% said their boards participated in cybersecurity strategy.  While that is up from 42%, it should be close to 100%.

The PwC study respondents reported a 38% uptick in cyber-assaults since 2014, with the boards spending $77 billion on tools and processes this year.  They expect that to rise to $170 billion by 2020.

Board reviews of security and privacy risks went up to 32% from 25% a year ago.  Again, understanding the risks that the company is facing is the board’s responsibility and depending on the outcome of the class action shareholder suit that was just certified this month against Home Depot, that number might rise again.

On the good news side, 46% of the boards are reviewing the security budget, 45% are reviewing the overall security strategy and 41% are reviewing the company’s security policies.  These numbers are all up, but need to be much higher.

69% of those surveyed said they were using cloud based security services and 56% were using real time monitoring an analytics.

56% said they were sharing threat intelligence with others in their industry.

Information for this post came from CIO Magazine.

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