Call us now:
A great article to read which I believe sets the direction of travel for board ownership and director and officer liability for the management of cyber security. I do caveat that I am not a lawyer, just a lowly cyber professional.
Was precedent set in the US in 2014 for directors and officers liabilities for cyber security and data breaches, through the ‘Caremark’ judgement? Where the Delaware Chancery Court held that the board has an obligation to at least attempt in good faith to invest in or implement a monitoring system that’s sufficient to identify legal breaches by the corporation. Whilst it doesn’t sound very cyber, it does outline the directors and officers duty to exercise care.
For liability to attach the board must have failed to provide reasonable oversight in a “sustained and systematic fashion. With the board failure to implement any reporting or information system or controls; or having implemented appropriate compliance controls, the directors consciously failed to monitor or oversee the operation of that system.
Does this sound familiar to cyber security in general?
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