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How Corporate Boards Are Setting CEO’s Up For Cybersecurity Failure

June 12, 2024
Contributed by: Drex DeFord
On May 1, 2024, UnitedHealth Group's (UHG) CEO faced intense scrutiny from U.S. Senator Ron Wyden and other Senate Finance Committee members during a hearing on the Change Healthcare cyber attack. Wyden criticized UHG's board for lacking cybersecurity expertise, emphasizing the importance of having a director with such knowledge to prevent and manage cyber risks. The discussion highlighted the failure to implement basic safeguards, like multi-factor authentication. Wyden stressed the necessity for boards to proactively include cybersecurity experts to ensure robust risk management and governance, arguing that this omission weakens the entire cybersecurity framework. The debate serves as a call to action for better cybersecurity oversight at the corporate governance level.
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