Survey: Boards Devoting More Time, Resources to Cybersecurity
According to BDO USA, 79 percent of public company directors surveyed are more heavily involved in cybersecurity efforts this year than they were during the 12 preceding months.
September 26, 2017 at 01:33 PM
2 minute read
Cyberattacks have been grabbing headlines lately–from the Equifax breach to a recent incursion into the U.S. Securities and Exchange Commission's systems for storing company filings. And it appears that companies are continuing to take notice. For the fourth year in a row, the majority of board members are becoming more involved in cybersecurity compared to the year prior, according to a new survey from BDO USA.
The accounting and advisory organization reports that 79 percent of public company directors surveyed are more heavily involved in cybersecurity efforts this year than they were during the 12 preceding months, and 78 percent reported to have increased company investments to defend against cyberattacks. Budgets to deal with cyber threats, on average, increased by 19 percent.
However, “despite this positive progress, the survey also found that businesses continue to resist sharing information on cyberattacks with entities outside of their company,” a press release announcing the report's publication said. Twenty-five percent of directors, the survey shows, share information on cyberattacks with external entities–a practice that the release said “needs to become more prevalent for the safety of critical infrastructure and national security.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllBig Tech Is Cozying Up to President Trump. Here's Why Their Lawyers Are Cautiously Optimistic
Starbucks Hands New CLO Hefty Raise, Says He Fosters 'Environment of Courage and Joy'
Internal Whistleblowing Surged Globally in 2024, So Why Were US Numbers Flat?
6 minute readMeta Workers Aren't of One Mind on Company's Retreat From DEI, Fact-Checking
Trending Stories
- 1Gunderson Dettmer Opens Atlanta Office With 3 Partners From Morris Manning
- 2Decision of the Day: Court Holds Accident with Post Driver Was 'Bizarre Occurrence,' Dismisses Action Brought Under Labor Law §240
- 3Judge Recommends Disbarment for Attorney Who Plotted to Hack Judge's Email, Phone
- 4Two Wilkinson Stekloff Associates Among Victims of DC Plane Crash
- 5Two More Victims Alleged in New Sean Combs Sex Trafficking Indictment
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250