We have a long way to go to get adequate cybersecurity expertise on boards, but the time has come to make it happen
Recently, the Security Exchange Commission (SEC) made a welcome move for cybersecurity professionals. In proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting, the SEC outlined requirements for public companies to report any board member’s cybersecurity expertise. The change reflects a growing belief that disclosure of cybersecurity expertise on boards is important as potential investors consider investment opportunities and shareholders elect directors. In other words, the SEC is encouraging U.S. public companies to beef up cybersecurity expertise in the boardroom.
Cybersecurity is a business issue, particularly now as the attack surface continues to expand due to digital transformation and remote work, and cyber criminals and nation-state actors capitalize on events, planned or unplanned, for financial gain or to wreak havoc. The world in which public companies operate has changed, yet the makeup of boards doesn’t reflect that. According to a 2021 survey, only 4% of CISOs sit on corporate boards globally.