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Cybersecurity risk on the board’s agenda

As the number of database breaches, company web site hacks and loss of intellectual properties grows, company boards realize cybersecurity is not just a technology risk. It can be an enterprise risk management issue.

What’s at stake for companies are their so-called “crown jewels,” those information assets or processes that, if stolen, compromised, or used inappropriately would render significant hardship to the business.

Cybersecurity issues are among the top risk management issues facing companies, according to recent surveys by PwC. The PwC 2012 Annual Corporate Directors Survey of 860 public company directors found that nearly three-quarters (72%) of directors are engaged with overseeing and understanding data security issues and risks related to compromising customer data.

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This month's headlines

Issues in brief

• SEC: Social media use OK under Reg FD, if investors are alerted
• US Chamber puts forth proxy advisor principles

Audit committee issues

• Should audit committees ask more of their internal auditors?
• NYC attorneys group asks NYSE to reconsider audit committee risk rule
• NASDAQ proposes internal audit function requirement
• COSO to issue updated framework in May
• PCAOB to consider proposal for auditing standards reorganization

Resources, webcasts and events