"Most boards are convinced of the necessity for cybersecurity investments. They understand that a serious cyber event can devastate operations and consumer confidence."
"Despite the recognition of cybersecurity's importance, the situation keeps getting worse, with the 2024 FBI crime report revealing a 33% increase in cybercrime losses."
Boards acknowledge the importance of cybersecurity investments due to the high costs and damage from cyber events. Despite this awareness, the overall cybersecurity landscape continues to deteriorate, with a 33% increase in cybercrime losses reported in 2024 compared to the previous year. This paradox raises concerns about whether boards are effectively governing cybersecurity as they become more focused on it. The ongoing challenges in cybersecurity indicate a need for improved governance and strategic oversight.
Read at Harvard Business Review
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