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Only 5% of Boards Have Cybersecurity Expertise
March 28, 2024
Infosecurity Magazine
Contributed by: Drex DeFord
Summary
A recent report by Diligent and Bitsight reveals that only 5% of businesses have a cybersecurity expert on their board, though such expertise correlates with superior financial performance. The presence of cyber experts on specialized risk committees notably enhances a company's cybersecurity score, with those having such experts achieving significantly higher security performance scores than those without. The study highlights considerable international variations in the integration of cyber experts into boards and identifies a strong correlation between robust cybersecurity measures and superior financial outcomes over three to five-year periods, particularly in companies within high-growth sectors. Additionally, highly regulated industries like healthcare, energy, and financials were found to have higher average cybersecurity scores, underlining the critical role of cybersecurity in enterprise risk management and its impact on a company's financial health and long-term success.
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