10/6/16
By: John Goselin
For years now, Louis Aguilar has been speaking, cajoling and encouraging American businesses of all sizes to focus their attention on cyber-security and mitigating the cyber risks inherent in conducting business in this modern technological era. Although his tenure as a Commissioner of the Securities and Exchange Commission officially ended in June 2016, Mr. Aguilar continues to speak thoughtfully regarding the issues faced by business management, board of directors and the critical role of the Chief Information Security Officer (CISO) in American corporations.
On September 22, 2016, Mr. Aguilar spoke at the Security Alliance Advisors’ Annual Leadership Summit and provided his current thoughts regarding how the CISO can assist directors of businesses of all sizes understand the corporate risk presented by cybercrime. His full remarks can be found here.
Much of what Mr. Aguilar has to say harkens back to the S.E.C.’s March 26, 2014 Roundtable regarding Cyber-Risks, but since the risks and costs associated with cyber-attacks only increases year after year, Mr. Aguilar’s ideas and concepts bear repeating:
Cyber Security is not simply an IT problem. Managing Cyber Risk is a critical part of a board of directors overall duty to monitor a business’s risk profile. Cyber risks are no less important than credit risks, liquidity risks or operational risks. It has long been recognized that the CEO and CFO of a corporation have a special, close relationship to their board of directors. The time has come to recognize that the CISO is every bit as important as the CEO and CFO.
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