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Only 11% of Corporate Directors Say Boards Have High Level of Cyber-Risk Understanding

WASHINGTON, June 22, 2015 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD), the advocate for the profession of directorship, today released key findings from its forthcoming 2015–2016 Public Company Governance Survey which reveal that boards' understanding of cybersecurity risk needs significant improvement. Only 11% of survey respondents believe their boards have a high level of understanding of the risks associated with cybersecurity.

NACD provides several resources to help directors and their boards improve their oversight of cybersecurity risk:

  1. The NACD Director's Handbook on Cyber-Risk Oversight outlines five key principles that can help directors work successfully with management to safeguard their companies' critical data assets. The publication covers a wide range of board-level considerations, including disclosure issues, access to expertise, and risk-appetite calibration.

    The Cyber-Risk Oversight handbook is the only resource from the private sector to be featured on the U.S. Department of Homeland Security's US-CERT C3 Voluntary Program website.
  2. The NACD Global Board Leaders' Summit, taking place September 26–29 in Washington, DC, will feature a robust track on the board's role in cyber-risk oversight.
  3. NACD offers the only customizable in-boardroom cyber-risk director education program led by experienced corporate directors and cyber-risk experts. This unique and confidential session is designed to align the board and management behind a clearly defined cyber-risk oversight strategy.

"Nearly a third of the outside directors we surveyed said they are dissatisfied with the quality of information that management provides regarding cybersecurity and IT risk," said NACD CEO Ken Daly. "NACD urges boards to recognize cybersecurity as an enterprise-wide risk-management issue that should be part of every board discussion."

In addition to being dissatisfied with the quality of information, more than half of survey respondents who are outside directors report dissatisfaction with the quantity of information they receive from management on cybersecurity and IT risk.

The accompanying infographic outlines the five steps that directors should take to enhance cyber-risk oversight in the boardroom.

To learn more about NACD's customizable, confidential in-boardroom cyber-risk director education program, go to www.NACDonline.org/CyberProgram.

To download the NACD Director's Handbook on Cyber-Risk Oversight, go to www.NACDonline.org/Cyber.

To learn more about the NACD Global Board Leaders' Summit, go to www.NACDonline.org/Summit.

To download the infographic, visit www.NACDonline.org/CyberGraphic.

About NACD

The National Association of Corporate Directors (NACD) is the advocate for the profession of directorship and is focused on advancing exemplary board leadership. Informed by more than 35 years of experience, NACD delivers insights and resources that more than 16,000 corporate director members rely on to make sound strategic decisions and confidently confront complex business challenges. NACD provides world-class director education programs, national peer-exchange forums, and proprietary research to promote director professionalism, ultimately enhancing the economic sustainability of the corporate enterprise and bolstering stakeholder confidence. Fostering collaboration among directors, investors, and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org. To become an NACD member, contact Kelly Dodd at kkdodd@NACDonline.org or 202-380-1891.

CONTACT: Media Contact: Chief Marketing Officer Henry Stoever 202-775-0509 hstoever@NACDonline.orgSource:National Association of Corporate Directors