Corporate boards of directors and senior management aren’t adequately involved in the privacy and security of their computer systems and data, according to a report issued Tuesday by Carnegie Mellon University’s CyLab.
The report found that while company boards are taking risk management seriously, there remains a gap in understanding the relationship between information technology, or IT, and risk management. The report is based on the results from 66 respondents to its survey at the board or senior executive level from Fortune 1000 companies. It builds on CyLab’s first survey, conducted in 2008.
“The survey results indicate that boards and senior executives need to be more actively involved in the governance of the privacy and security of their computer systems and data, but this year’s study shows some important areas of improvement,” said Jody Westby, a distinguished fellow in CMU’s CyLab, and CEO of Global Cyber Risk LLC, in a statement.
The report found that a majority of companies don’t have full-time privacy, security and risk executives responsible for those issues. Respondents indicated that corporate boards reviewing privacy and security issues weren’t focusing on activities that would help protect the organization from high-risk situations, such as reputational or financial losses due to breaches of personal identity information or theft of confidential or proprietary information.