Cyber Risk Management Guidance For Corporate Directors

Cyber risk management is an increasingly important challenge for organizations of all kinds and sizes. Corporate directors have a legal responsibility to ensure that their corporations have appropriate cyber risk management policies and practices and are prepared to respond effectively to cyber incidents. Corporate directors can obtain helpful guidance from regulators, industry associations and other organizations.

Cyber Risks

Cyber risks are the risks of damage, loss and liability (e.g. business disruption, financial loss, loss to stakeholder value, reputational harm, trade secret disclosure and other competitive harm, legal non-compliance liability and civil liability to customers, business partners and other persons) to an organization resulting from a failure or breach of the information technology systems used by or on behalf of the organization, including incidents resulting in unauthorized access, use or disclosure of regulated, protected or sensitive data.