DDN Calls for a Technology & Cybersecurity Committee on US Public Company Boards
Improving America’s Digital Tone at the Top to Shape and Secure Our Digital Future
September 05, 2018 08:24 AM Eastern Daylight Time
Los Angeles--(BUSINESS WIRE)--Digital Directors Network (DDN) www.digitaldirectors.networkthe only association of technology executives and directors working to improve corporate digital governance, calls on US public company boards to add a Technology & Cybersecurity Committee (T&C Committee) to improve digital oversight and support the public interest in shaping and securing America’s digital future.
SEC Commissioner Robert E. Jackson Jr. recently called the rising cyber threat “...the most pressing issue in corporate governance today.” During his speech at Tulane’s Corporate Law Institute, he also commented that “...the digitization of our economy is revolutionizing the way business is conducted.”
A T&C Committee will allow corporate boards to bring a much greater degree of focus, efficiency, knowledge and accountability to how they protect the information that the public entrusts them with as well as how companies use IT to create value. DDN also calls for at least one Qualified Technology Expert (QTE) to serve on the T&C Committee.
“The digital tone at the top has to improve in corporate America” said Bob Zukis, DDN CEO. Zukisis also a USC Marshall School of Business Professor, governance expert, former software and PwC executive.
According to the CompanyIQ™ Cybersecurity& Board Oversight Intelligence Report
from MyLogIQ (www.MyLogIQ.com), only 11% of the S&P 500 have technology committees and less than 1% have cybersecurity committees. While audit committees are often tasked with cybersecurity oversight, MyLogIQ research indicates that 36% of the S&P 500 and 60% of the R3000 make no mention of board level cybersecurity oversight in their proxy filings.
“I’m hopeful we can avoid a similar Enron moment around IT governance” says Zukis. The Sarbanes-Oxley Act of 2002 was born from the Enron collapose and required US corporate boards for the first time to have at least one qualified financial expert on their audit committee. “Boards can address these IT oversight shortcomings themselves, or regulators will step in again.”
DDN helps boards improve digital governance to bring focus, knowledge and effectiveness to corporate oversight.
DDN is the only curated association of digital and cybersecurity executives, directors and organizations working to improve digital governance. Membership is free for digital executives and directors.
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Digital Directors Network
Bob Zukis, CEO