Since the Internet became a ubiquitous tool and platform, a steady increase in cybersecurity incidents exposed all companies to a widening range of risks. It is not just shareholders who blame and take management and boards to court for risk oversight and communication lapses around incidents such as at cloud-based software provider Okta. Around the world, regulators are also starting to crack down on lax cybersecurity and data privacy practices. Meta’s record fine handed down by the European Union (EU) to the tune of $1.3 billion should serve as a warning sign that no company or board should use the “move fast and break things” approach for risk management.
My latest article at the National Association of Corporate Directors looks at steps that Management and Boards can take to counter privacy and cybersecurity threats around the globe. Learn more about how to counter the risks of an increasingly regulated world.