IoD: Directors Must Understand Cyber Threats
Board directors in Bermuda are being urged to attend a conference looking at risks posed by cyberattacks.
Later this year, Bermuda will host the second annual Bermudian edition of the International Cyber Risk Management Conference.
One of the supporting sponsors is the Bermuda branch of the Institute of Directors and its chair Rochelle Simons said it was vital that boards fully understood cyber risks.
“The costs of a cyberattack can be enormous,” said Mrs Simons. “They can damage a brand, they can threaten operations and for smaller firms, they can be terminal.
“Businesses can no longer afford to ignore the risks. Most are taking action to mitigate the effects of cyberattacks and directors must understand this issue and ensure their companies implement plans to avoid damage.”
The conference in December will include panel discussions on issues such as ‘The Emerging Threat Landscape, a Conversation’; ‘FinTech/Insurtech; Speaking the Same Language: Bridging the Gaps Between Boards, CISOs, CROs and CLOs; Open Banking, AML etc.; Cyber Risk Considerations’; and ‘Case Studies That Will Keep You Awake at Night’.
Mrs Simons added: “We decided to be a supporting sponsor because we understand the need to continue to raise awareness of the issue among directors.
“Fifty-six percent of members responding to a recent Branch survey rated cyber security and data privacy as risk management issues as top of mind for boards.
“In addition, we are tracking interest in the subject because cyber security and data privacy were discussed during the Becoming a Tech Savvy Board session at the 2018 IoD Bermuda Branch governance conference.
“Panelists examined why and how boards must keep pace with knowledge on technological advances that promise improvement in both organizational and board operations, and the risks associated with their applications.
“We are pleased to introduce Mary Beth Vitale, Board Director; Chair of the Risk and Technology Committee GEHA Inc., one of the IoD Bermuda Branch Conference speakers, to the ICRMC Bermuda event.
“The ICRMC Bermuda is an excellent conference and an ideal platform for directors to enhance their knowledge. A discounted registration rate will be available to IoD Bermuda members.”
For information on the conference, visit their website. To learn more about the Institute of Directors, email chair.bermuda@iod.net
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