Former chairman of the U.S. Securities and Exchange Commission, Mary Schapiro recently argued that “the potential fallout from cyber-related losses is devastating, and boards of directors need to spend much more time on this issue.”
Schapiro, who led the SEC financial crisis from 2009-2012, argued that cyber losses have reputational, operational and financial implications, and lead to a loss of consumer confidence…Boards need to encourage their companies’ employees to develop expertise in this area and establish a system of reporting to the board, but this should not alleviate board members’ responsibility to be up to speed on this issue.” Business Insurance has the whole story.