Digital security was once relegated to the IT department as a backroom computer issue. The board of directors had more pressing matters to attend to, and security rarely made its way to the agenda. It was even more unusual for boards to dive into the details of how their information was handled and kept secure beyond the use of non-disclosure agreements (NDAs). Over the past decade, however, there have been numerous examples of both inadvertent and purposeful exposure of confidential information. This has resulted in digital security growing to one of the top three listed concerns by boards. The all-too-real consequences associated with data leaks can result in such brand issues as losing consumer trust, losing of market share to competitors, losing investors and losing business valuation.
There are at least three real threats that boards need to address relative to their confidential information: loss or theft of information, misuse of information for personal gain and compliance with regulations.
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