Urgent need for cyber resilience training among board members, study finds
Fri 19 Jan 2024
More than half of board members (60%) lack sufficient training in cyber resilience and have not received adequate support, according to a recent report by Bob Semple, Board Intelligence, and The Corporate Governance Institute.
This finding is based on a survey conducted from May to July 2023, involving over 250 participants including Chairs, NEDs, and Executive Directors across public and private sectors.
David W. Duffy, CEO and Co-founder of the Corporate Governance Institute, expressed concern over the pace at which boardrooms are adapting to technological advancements.
“Cybercrime can devastate a company’s financial stability, brand identity, and market worth … It is worrying that 60% of board members have not received sufficient cyber resilience training in the past year,” said Duffy.
A Call for Enhanced Cybersecurity Practices and Cyber Resilience Training in Boardrooms
The study emphasises the critical need for boards to address cyber risks as an integral part of corporate governance.
“Everything points to long-lasting damage if companies are not prepared. All boards must take necessary precautions to safeguard their systems. Ultimately, board members must be responsible and answerable for any security breaches,” said Duffy.
Regular training and awareness programs are essential to educate board members about potential risks and ensure the implementation of effective policies and procedures. These should be reviewed and updated regularly.
Megan Pantelides, Executive Director of Research at Board Intelligence, said: “What is clear from this research is that directors need and want better tools for the job.”
The report also found that 82% of directors believe they could be making better use of technology to improve board performance, highlighting a gap in the adoption of secure collaboration tools and efficient hybrid-meeting solutions.
Just under 40% of boards are not yet using a secure board portal, and a quarter of directors expressed dissatisfaction with their board’s use of audio and video communication technologies.
This study underscores the importance of proactive measures in cybersecurity training and technology adoption to safeguard organisations against the increasing threat of cybercrime.