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Corporate boards have a new threat that has grown too big to ignore: cyber security.
High profile data breaches are no longer an issue for those in the information technology department and those in the board room have to accept responsibility, a federal prosecutor told the San Diego Union Tribune.
The average cost of containing a data breach reached $4 million in 2015, up nearly 30 percent from 2013, according to the newspaper.
A recent hack targeted the Democratic National Committee, in which a series of internal emails were released, leading to the resignation of the DNC’s chairwoman. It’s not the first time a hack has led to a high-profile resignation. In 2013, a major hack at Target that stole credit and debit card data from 40 million customers led to the resignation of the company’s CEO.
That’s why cybersecurity should be approached as a “classic risk management issue,” David Finn, a former federal prosecutor who spent 16 years leading Microsoft told the Union-Tribune.
Corporate boards can look to federal guidelines from the U.S. Commerce Department’s National Institute of Standards and Technology, the U.S. Securities and Exchange Commission and other agencies, according to the newspaper.
Read more at the San Diego Union-Tribute.
