In today’s digital world, with near-instantaneous conveyance of information and data, cyber-events could (and routinely do) rapidly impact brand and shareholder value. While opinions differ on the need for cybersecurity experts on certain boards, there is a general consensus among management, boards, and investors alike that this need is growing. Given this trend, I spent time with Bob Zukis. Bob is the founder and CEO of the Digital Directors Network, professor of Management and Organization at the USC Marshall School of Business, retired PwC Advisory Partner, and author and speaker on digital governance and the impact of disruptive technology on business strategy. We spoke about what companies can do to minimize cyber threats. Below is an excerpt from our conversation.
Read the interview with Bob Zukis of Digital Directors Network in which he speaks about what companies can do to minimize cyber threats on Forbes.
Our view on this topic: In a perfect world, Boards would only need to ask strategic questions and expect the C-Suite to deliver results. In that perfect world, there would be no need for special experts with deep cybersecurity knowledge on the board. But in reality, it can be incredibly helpful to have a subject matter expert who can help other board members think through key decisions and questions to ask. We have spoken with some security executives who strongly support this idea, and others that strongly oppose it, so clearly there is debate on whether or not this is needed. Maybe the best approach would be for boards to decide on a case by case basis whether or not they need a special focus on this. As they do, it would be in their best interests to bring their CISO in on the discussion.