The Government’s latest Cyber Governance Health Check Report, published July 2017, details the responses of a FTSE 350 survey (105 respondents), highlighting that ‘there is a growing understanding of how businesses could be impacted by a cyber incident that affects their key assets.’
The report also highlighted that Cyber risk of FTSE 350 boards is ‘seen as a top priority for Boards’, with only 13% of respondents saying that cyber risk is viewed as a low, or an operational-level risk for their boards.
It goes on to note though that whilst ‘as compared with the 2015/2016 Health Check, more businesses now say that their main Board’s consideration of cyber risk is underpinned with comprehensive, generally informative management information (31%), boards still have some way to go as ‘the majority of respondents continue to say the Board is only provided with some information on cyber risk (53%).’
The survey, completed primarily by a ‘Non-Executive Director and member of the main Board’ (nearly 80% of respondents), of whom most were also Chair of their organisation’s audit committee (65%), also looked into the preparedness of boards ahead of the introduction next year of the new General Data Protection Regulation. ‘Almost three-quarters (71%) of respondents said they were somewhat prepared to meet the compliance requirements brought about by GDPR. However, only 6% reported being completely prepared to meet their compliance requirements.’
The full report is available here, and for more NED insights, why not join us at NEDonBoard’s NED dedicated panel and networking events: https://www.nedonboard.com/non-executive-director-event/