The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2021”.
Cybersecurity, a topic that was already top of mind for boards and corporate stakeholders at the start of the year, was pushed even further to the fore in the wake of the COVID-19 pandemic. The increased prevalence of remote working made it all the more critical for companies to manage cybersecurity risk. In a recent survey of business and technology executives, 96% of respondents said that they will shift their cybersecurity strategy due to COVID-19, and 50% say that they will consider cybersecurity in every business decision (up from 25% last year). Boards in turn will take on an increasing role in managing oversight of this high-stakes issue.