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Reputation, Cybersecurity Top Concerns for Directors

The top risks concerning directors are reputation, cybersecurity, and regulatory compliance (aside from financial risk), according to a survey of directors from over 250 boards by accounting firm EisnerAmper. Cybersecurity appears to be a rising concern with a 9% year-over-year increase, while Disaster Recovery, Crisis Management, and Regulatory Compliance risks were pushed down the list (falling 9%, 8%, and 6%, respectively). In the event of a crisis involving reputational risk, 40% of respondents indicated that the board would be the entity that would lead or plan a response, followed closely by the CEO at 39%. The survey also asked about board committees and found that while most boards had audit committees (53%), less than a majority had risk (47%), governance (46%), nominating (41%), and compensation (37%) committees.

The survey included responses from directors of companies in a wide variety of industries, who served on public (38%), private (26%), and not-for-profit (36%) boards. A majority of the respondents served on the boards of organizations with yearly revenues over $50 million, and 24% served on boards of organization with yearly revenues over $1 billion.

The full report can be found here