Board Participation In Cybersecurity: What More Needs To Be Done?

High-profile data breaches seem to hit the headlines almost every day. These breaches have proved terrifying for many companies, particularly as the attackers release embarrassing emails and other information. The frequency of attacks is accelerating. Respondents from a PricewaterhouseCoopers survey (PwC) reported (click the report) a 38 percent increase in cyber-attacks from 2014. Companies are spending $77 billion on data privacy and security tools and processes this year alone. Gartner reports that number will more than double to $170 billion by 2020.

As a result, boards are increasingly participating in corporate cybersecurity strategy. Given the glut of cybersecurity attacks, data security and privacy should be top of mind for every board member. Some initiatives that companies are taking are described below; board members should consider taking these initiatives seriously if they haven't already.