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Does your board need to be trained on cybersecurity?

The National Association of Corporate Directors (NACD) have  been carrying out their annual Public Company Governance Survey of how effective governance practices are for the last two decades. The 2016-17 report had 10 key findings on:

  1. Overseeing Uncertainty
  2. Deeper Board Engagement with Strategy Setting
  3. The Tyranny of Short-Termism
    • Source & Copyright©2017 - NACD
  4. Risk Oversight Moves to a Higher Standard
  5. Struggling to Meet the Cybersecurity Challenge
    • Directors continue to wrestle with effective oversight of cyber risk. Many of them lack confidence that their companies are properly secured and acknowledge that their boards do not possess sufficient knowledge of this growing risk. 
    • Source & Copyright©2017 - NACD
  6. Managing a Growing Board Agenda
  7. Information Rich, Insight Poor
  8. Increased Shareholder Engagement
  9. The Increasing Reliance On Search Firms for Director Recruitment
  10. Only a Minority of Boards Conduct Individual Director Evaluations.

Cybersecurity credential for directors

NACD have reacted to the on concerns on cybersecurity by developing a 16 hour online course which is “designed designed to help directors enhance their cybersecurity literacy – and strengthen the board’s role in overseeing your organization’s cyber preparedness.”

This online, self-paced certificate program NACD claim will:

  • “Enhance your understanding of the cyber-security threat landscape,
  • Detail the respective responsibilities of the board and management in cyber-risk oversight,
  • Lead you through a cyber-crisis simulation to evaluate your organization's preparedness, and
  • Earn you a tangible credential to demonstrate your commitment to advanced cyber-risk oversight.”

Participants who complete the course and pass the final exam will earn the CERT Certificate in Cybersecurity Oversight, issued by Carnegie Mellon University.

CTMfile take: Cybersecurity measures need to start at the top and permeate all the way down. What better place to start than with your directors?

This item appears in the following sections:
Fraud Prevention
Anti-Money Laundering Fraud Prevention
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

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