CGIC National CPD Webinar – Cybersecurity: Board Oversight
CGIC NATIONAL CPD WEBINAR – CYBERSECURITY – BOARD OVERSIGHT
Wednesday, November 11, 2020 at 12:30 pm ET; 9:30 am PT
Hosted by: Paul M. Dubal – FCG, P.Adm., Acc. Dir.
Co-Host: Camilo Baratto, Corporate Director of Insurance – Kruger Inc.
Please join Paul and Camilo while they explore some leading cybersecurity cases and what went wrong; provide an overview of directors’ duties and the facts around cybersecurity that demonstrate how it is changing the risk profile for boards. This webinar will also provide suggestions on some of the governance actions a Board can implement to mitigate the risk, as well as an overview of the questions directors, should be asking. It will review the critical role of ensuring cyber risk- what is covered and what is not, and what to look for in a cyber risk policy. While this webinar comes with a health warning, it will also provide some tools to help you ensure that your organization avoids a terminal illness.
Cybersecurity is considered as one of the greatest threats to any organization, large or small. The 2019 Aon Corporation Global Risk Management survey rates cyber-attacks / data breach as the No 1 risk for North American corporations, followed by damage to reputation and brand. One inevitably follows the other. Boards should be worried. It is not a case of if your organization is targeted but when, and when it does happen, questions will inevitably be asked about the extent of oversight by the Board.
The landmark 1996 Caremark decision ruled that directors have a duty of care to put in place adequate internal control systems, and can be personally liable if they breach that duty. Yet the pace of technological change far outweighs the speed of evolution of governance, or even the ability of regulators to regulate. Just like the pandemic, cyber-attacks are an unseen enemy. Lurking in the shadows are cybercriminals and hackers planning an attack on your organization. You just don’t know when, where, and how, but they do.
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