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Cyber-Risk Oversight

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Citation Edit

National Association of Corporate Directors, Cyber-Risk Oversight: Executive Summary (Director's Handbook Series 2014 ed.) (full-text).

Overview Edit

In this publication, the NACD (in collaboration with the American International Group and the Internet Security Alliance) cited five cybersecurity principles for boards. The principles state:

  • Directors need to understand and approach cybersecurity as an enterprise-wide risk management issue, not just an IT issue.
  • Directors should understand the legal implication of cyber risks as they relate to their company's specific circumstances.
  • Boards should have adequate access to cybersecurity expertise, and discussions about cyber-risk management should be given regular and adequate time on the board meeting agenda.
  • Directors should set the expectation that management will establish an enterprise-wide cyber-risk management framework with adequate staffing and budget.
  • Board and management discussion of cyber risk should include identification of which risks to avoid, accept, mitigate or transfer through insurance, as well as specific plans associated with each approach.

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