Security breaches have become all too common, and cyberattacks are not limited to the assaults on big companies that are reported in the news. With the global economic cost of cybercrime totaling more than $400 billion per year, cybersecurity has become a priority for executives and board members. Companies of all sizes across all industries should be thinking about how to better safeguard their data.
Officers and directors of emerging companies are posed with challenging questions. What are my duties? What are best practices? What is appropriate for my company at this time? The risks are real, and the stakes are high. Failure to devote the right amount of resources to cybersecurity can hurt a company’s valuation when raising money or pursuing a liquidity event.
Foley has published a cybersecurity white paper for management teams of all sizes. It includes steps to address, mitigate, and respond to risks associated with data security. Checklists are included.
The white paper can be found here: Taking Control of Cybersecurity: A Practical Guide for Officers and Directors.