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Questions Directors Can Ask to Assess the Board’s “Cyber-Literacy”
- What do we consider our most valuable assets? How does our IT system interact with those assets? Do we believe we can ever fully protect those assets?
- Do we think there is adequate protection in place if someone wanted to get at or damage our corporate “crown jewels”? What would it take to feel confident that those assets were protected?
- Are we investing enough so that our corporate operating and network systems are not easy targets for a determined hacker?
- Are we considering the cybersecurity aspects of our major business decisions, such as M&A, partnerships, new product launches, etc., in a timely fashion?
- Who is in charge? Do we have the right talent and clear lines of accountability/responsibility for cybersecurity?
- Does our organization participate in any of the public or private sector ecosystem-wide cybersecurity and information-sharing organizations?
- Is the organization adequately monitoring current and potential cybersecurity-related legislation and regulation?
- Does the company have insurance that covers cyber events, and what exactly is covered?
- Is there director and officer exposure if we don’t carry adequate insurance?
- What are the benefits beyond risk transfer of carrying cyber insurance?
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