McKinsey & Company – Cybersecurity: Emerging challenges and solutions for the boards of financial – services companies

Mature boards are making themselves valuable partners for management in the effort to make firms more resilient, authors say. A growing number of firms – 22% overall, and as many as 35% in some segments – have a technology committee to oversee cyber security.

Board members need practical new approaches to set their risk tolerance for cyber security and guide management’s resourcing and spending so that they can address the consistent and persistent risks inherent in this area.

More advanced firms are starting to adopt a cyber security and technology risk-management strategy informed by business operations.