Cyber Security, Cyber Governance, and Cyber Insurance: What Every Public Company Director Needs to Know — The D&O Diary

Unlike many other aspects of directing the affairs of a public company (e.g., like overseeing its financial reporting function and obligations), “cyber” is new for many directors, and is certainly far from intuitive. For this reason, this article will focus specifically on the responsibilities of public company directors to oversee their company’s cyber security program (within the framework of the company’s enterprise risk management structure); the basic questions directors should be asking about a company’s cyber security, incident response, and crisis management program; and lastly, the potential value of a stand-alone cyber insurance policy to transfer some of the risk of a cyber attack to a reputable insurance carrier.

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