Governor Tim Pawlenty, CEO of the Financial Services Roundtable, and HSPI Director Frank Cilluffo have an opinion piece in American Banker magazine today entitled “Seven Cybersecurity Questions Bank Boards Need to Ask.” The piece highlights seven key questions that members of boards of directors need to be asking the executives of the companies that they oversee about companies’ potential cybersecurity risks – an issue of growing concern to the SEC. One example from the piece:
Has management assigned clear roles and responsibilities for identifying, evaluating, monitoring, and responding to cybersecurity incidents?
Without knowing who is supposed to do what and when, it is unlikely that an organization will effectively manage a crisis. Board members and management should organize informal exercises that allow them to analyze policies and procedures in a range of cyber scenarios in order to clarify roles and stress-test response and recovery plans.
You can read the full piece, with the other six questions and answers, at this link.