Remember when Russian agents hacked more than 500 million accounts from Yahoo in 2013 and 2014? It wasn’t just the size of the breach that was enormous. The consequences of delaying disclosure of the breach for years ended up being enormous as well. Find out the four mistakes corporate leaders make when it comes to cybersecurity.
July 15, 2019
Al Dominick, CEO of DirectorCorps, interviews key industry leaders about the latest cyber threats, and how corporate leaders can work with the government once a data breach has occurred.
Healthcare is one of the most heavily regulated industries, which amplifies every little wart and blemish. Laws such as HIPPA and HITECH in the U.S. require companies to report every ransomware incident as a data breach, even if no data was confirmed stolen .
Criminals have figured out they don’t have to hack into computer systems or try to get Social Security and credit card numbers. They realized they could just ask for the money. And that’s what they did.
Globally, companies are under increasing pressure to disclose cybersecurity breaches. It’s less and less an option to shove a breach under the table until you learn something truly horrific that must be disclosed.
The next major cyber threat isn’t in the healthcare industry. It isn’t banking, either, thanks in part to both of those industries’ strict regulations. Manufacturing is undergoing a transformation that will increase risk in that industry, so is that the next major area at risk of cyber threats?
Companies and boards should consider a public outrage as a potential risk to their reputation and operations, and prepare a crisis management response playbook.
The very technology that helped the oil and gas industry gain efficiency is now creating additional risks. The Internet of Things, IoT, which refers to the growing inter-connectedness of devices, has helped the oil and gas industry to monitor its operations. But with so many connected devices, cyber thieves have greater access to hack into a company’s system undetected and wreak havoc, financially, reputationally, and operationally.
Another proxy season is underway—leaders beware. Although the usual concerns of corporate governance, executive compensation and regulatory disclosures abound, new, specific worries sit under each of those umbrellas. Under compensation, one proxy advisory firm has a new way to evaluate compensation metrics. Within the disclosure realm, the optics of pay ratio disclosure will continue to create flashy headlines in 2019. Approach with caution.