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Compliance Week – Boards Start To Take Cyber Security Seriously
With cyber-attacks on the rise, boards are starting to monitor cyber-security risks more closely. “As board members retire and roll off, they are replaced with new board members with more sophistication and deeper risk-management skill sets and experience,” notes Egon Zehnder consultant Lisa Zonino. According to Compliance Week, some firms are setting up risk committees featuring a risk-management expert. In Zonino’s view, ideal candidates for this role are former or current chief risk officers, CFOs, or chief investment officers who understand a bank’s risk profile sufficiently to both challenge and authoritatively advise its management. The US Federal Reserve has always promoted prudential standards on how banks manage data protection, resiliency, security, and continuity, observes Zonino. “Those standards became a blueprint for what is good risk management,” she concludes.
Full story: Joe Mont: Boards Struggle With Overseeing Cyber-Security Risks in Compliance Week (30 June 2014).