Even in the face of the known risks posed by cyber attacks, many corporate boards are not taking the proper steps to address cyber-security issues, says a Securities and Exchange Commission official.
Speaking June 10 at the New York Stock Exchange, Luis A. Aguilar, an SEC commissioner since 2008, said, "Given the significant cyber attacks that are occurring with disturbing frequency, and the mounting evidence that companies of all shapes and sizes are increasingly under a constant threat of potentially disastrous cyber attacks, ensuring the adequacy of a company's cyber-security measures needs to be a critical part of a board of director's risk-oversight responsibilities."
But he says even as the risks companies face have been front and center with recent high-profile attacks, "evidence suggests that there may be a gap that exists between the magnitude of the exposure presented by cyber risks and the steps, or lack thereof, that many corporate boards have taken to address these risks."
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