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« The consequences of cybercrime are not limited to a one-time financial hit. The fallout can include reputational damage, in-depth regulatory investigations, long and costly litigations, and of course theft of intellectual property, just to name a few. Each of these entails damage to the company that may take years to undo if the company is indeed able to fully recover. »

A three-step process for board directors to start improving cyber-oversight.

In 2016, cybercrime cost U.S. firms more than US$17 million on average, based on a benchmark study of 237 global companies. According to a think-tank report, the global economic losses caused by cyberattacks total an estimated US$445 billion per year. The reason behind it is very simple. Various studies have estimated that between 70 and 90 percent of organisations and companies around the world just don’t have sufficient cybersecurity.

It is the board’s problem

A three-step starting point

Understanding cyber risk

Fire drills

Knowing what you own

Final points to remember

Source: Insead.edu – rubrique Operations blogs https://knowledge.insead.edu/blog/insead-blog/cybersecurity-the-role-of-the-board-6776

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