For audit committees, a growing role in cybersecurity
Risk & Compliance Journal
The rapid pace of technology and data growth, and the attendant risks highlighted by security breaches in recent time, demonstrate the increasing importance of understanding cybersecurity as a substantive, enterprise-wide business risk. Audit committees should be aware of cybersecurity trends, regulatory developments and major threats to the company, as the risks associated with intrusions can be severe and pose systemic economic and business consequences that can significantly affect shareholders.
Numerous newsworthy events have kept cybersecurity at the forefront of board and audit committee agendas. Engaging in regular dialogue with technology-focused organizational leaders can help audit committees better understand where attention should be devoted.