Who should take the fall after a corporate hack? It may soon be the CEO
Data breaches can cost companies hundreds of millions of dollars, erode shareholder value, and indelibly tarnish corporate reputations. Yet, chief executives and other top brass at organizations that suffer such incidents have remained largely immune from the fallout. That may be changing. A new survey of 200 directors of public companies conducted by security firm Veracode and the New York Stock Exchange Governance Services shows that corporate boards have become much more serious about data breaches and are willing to hold top executives accountable for them. More than four in 10 of the directors in the survey felt that a company’s chief executive officer should take the rap for a data breach. When asked to prioritize who should be held accountable for such incidents, corporate boards ranked the chief executive officer first, followed by the chief information officer, and then the entire executive team. Chief information security officers, often the fall guys in a data breach situation, ranked fourth in the list – suggesting that directors get it that security executives can do only as well as the support and the resources they get from top management. Security has also become a growing priority for boards. In fact, 81 percent of […]
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