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A great Harvard Law School article on the challenges face with a range of new risks, and the effect on Corporate Governance and D&O insurance.
Boards are under increasing pressure to demonstrate their oversight of corporate risks such as cyber risk. The management of cyber risk is being regulated in the U.S and EU. Requiring boards demonstrate governance, oversight and assurance of cybersecurity. The question that now arises for boards is one of demonstrating regulatory compliance in addition to managing their fiduciary responsibilities. One is clear that failure to demonstrate the management of fuduciary responsibilities will be challenged by regulators, insurers, and lawyers.
The question will be one of will insurers challenge a boards corporate governance and adherence to its fuduciary, legal and regulatory compliance?
One wonders for example the question of fuduciary responsibility and if any insurer could cover the costs of the recent Crowdstike incident?
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance #directorsandofficerd
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