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A fascinating and informative read, which goes someway to explain why major change programs within companies are not always as effective as many may think, in my case cybersecurity. What is going to be the impact of increased cyber regulatory oversight, if the CEO doesn’t get it and the board may not challenge him or her on it? The consequences for investors and other key stakeholders maybe quite stark. Especially if market regulators, as they did in financial services place accountability and responsibility for key functions into the hands of other directors (The Approved persons regime).
The role of the Non-Executive Director (NED) is a solution which could be effective in the case of cybersecurity. Their role is to represent the interests of shareholders and provide advocacy to the board on areas which are not the boards purview, such as cyber security. NEDS can advise and challenge the executive authority of the board and its decision making processes, bringing specific areas of expertise.
I’m often told that NEDs need both corporate board experience and domain experience. Given the global lack of cyber-skilled resources and the general challenges which companies face managing cybersecurity, I would say that it is going to be a difficult skill set to find. One where there aren’t enough people to satisfy the demand. Focusing on good quality leaders who have held senior positions in security fields such as the defence sector maybe a good place to start?
Brian McCarthy Ted Dziekanowski‚Â Jason Spezzano
#theaugustagroup‚Â #theaugustaplan‚Â #cybersecurity‚Â #supplychainriskmanagement‚Â #cyberriskmanagement‚Â #compliance‚Â #cyberinsurance‚Â #insurance‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #esgrisk‚Â #cyberregulation‚Â #esgreporting‚Â #soc2‚Â #defenceindustry‚Â #esg‚Â #defence
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