Following the Equifax breach, exposed a large cache of sensitive data belonging to American citizens, CEOs in the global financial services sector are demanding to be kept abreast of security strengths and vulnerabilities.
“Cyber security is no longer handled in the server room; it is now a board room topic,” says a survey by the Financial Services Information Sharing and Analysis Center (FS-ISAC).
In many corporate firms, CISOs are busy training employees in protecting data, and they also report to boards in every quarterly meeting about their cyber security practices.
The FS-ISAC survey found that CISOs reporting security practices to board of management was becoming common (53%), with some CISOs (8%) reporting more than four times a year or even on a monthly basis.
“Free and direct flow of critical information to the CEO and to the board of directors will help increase transparency and facilitate faster decision making,” say analysts at FS-ISAC.
The Equifax data breach led to the resignation of Chief Information Officer David Webb and Chief Security Officer Susan Mauldin. It shook the credit agency so much that even the company’s CEO, Richard Smith, retired in a huff.
Equifax has managed to stay afloat but, according to a survey by Ponemon Institute, most small companies sink as a result of cyberattacks.