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Digital Subscriptions > The Hedge Fund Journal > Issue 134 – Aug 2018 > Cybersecurity and the Board’s Responsibilities

Cybersecurity and the Board’s Responsibilities

CHRISTOPHER P. SKROUPA TALKS TO MICHAEL L. YAEGER, SPECIAL COUNSEL, SCHULTE ROTH & ZABEL

’What’s reasonable has changed

TECHNICAL

Christopher P. Skroupa: Where does cybersecurity fit in the Board’s accountabilities to all company stakeholders?

Michael Yaeger: One basic function of a modern corporate Board is to oversee risk management, and many risks do not present themselves as cybersecurity issues. These include risks to the customers’ personal information, of course, which comes with regulatory risks by the FTC, state attorneys general and private securities suits.

But they also include risks to disclosure of trade secrets and other sensitive business information, and reputational risks. For example, the breach at Sony Pictures a few years ago created an enormous headache for the company with its own employees and with the Hollywood stars who had been discussed in emails that were spread across the web. And for companies’ whose business model centers on the sale or licensing of information – such as Equifax or Facebook – the risks touch on nearly every aspect of their business.

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