According to recent report findings by Bob Semple, Board Intelligence and The Corporate Governance Institute, almost two-thirds of board members have not received adequate support and training regarding cyber-resilience in the past 12 months.
The research was conducted from May to July 2023 and included over 250 participants, consisting of chairs, NEDs and executive directors from both public and private sectors, including state-funded organisations and charities.
David W. Duffy, CEO and Co-founder of the Corporate Governance Institute, has highlighted the rapid advancements in technology that have transformed the world within a single generation. However, he raises concerns about whether boardrooms keep the same pace, discussing the potential consequences of not providing proper training to board members.
“Cybercrime can devastate a company’s financial stability, brand identity and market worth. It also risks customer trust, negative publicity and legal repercussions. Everything points to long-lasting damage if companies are not prepared,” he said.
“Considering the extensive repercussions, it is evident that each board must tackle cyber-risks; this subject is an essential aspect of effective corporate governance. According to our survey, the significance of cyber-resilience is growing considerably in all sectors, but it is worrying that 60% of board members have not received sufficient cyber-resilience training in the past year.
“All boards must take necessary precautions to safeguard their systems.”
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