WASHINGTON, April 16, 2015 (GLOBE NEWSWIRE) -- The Global Network of Director Institutes (GNDI) and National Association of Corporate Directors (NACD), the advocate for the profession of directorship, held the first-ever global summit to de-mystify cybersecurity for the director community and provide attendees with practical guidance for effective cyber-risk oversight.
"The annual cost of cybersecurity for the world's businesses is reported to be $375 billion. Cybersecurity is not just an IT issue; it's an enterprise-wide risk issue that transcends borders," said NACD CEO Ken Daly. "Cybersecurity should be a critical topic for boards and an integral component of corporate strategy discussions."
More than 100 directors from Fortune Global 500 companies gathered at the summit for a series of frank discussions on the current threat landscape, implications for board oversight, and leading practices for assessing and addressing cyber risk.
Supported by program partners KPMG, AIG, and the Center for Audit Quality (CAQ), the speakers, panelists, and moderators emphasized that boards must set clear expectations and direct management to prioritize cyber threats in relation to key business and strategic risks. Participants also outlined standards for the information that directors need to assess the threat environment within the context of a company's overall risk appetite.
GNDI Cyber Summit speakers included the following experts:
- Shawn A. Bray, Director, INTERPOL Washington
- Larry Clinton, President and CEO, Internet Security Alliance
- Nicholas Donofrio, Director, AMD, Bank of New York Mellon, Delphi Automotive, Liberty Mutual
- Richard Knowlton, Director, Internet Security Alliance for Europe; Group Corporate Security Director, Vodafone
- Jan Hamby, Rear Admiral, U.S. Navy (Ret.); Chancellor, National Defense University
- Tim McKnight, Chief Information Security Officer, General Electric
- Arne Schönbohm, President, Cyber-Security Council Germany
"Total risk elimination is an unrealistic goal, but there are ways to strengthen the board's oversight of cyber risk," said Stan Magidson, chair of GNDI and president and CEO of the Institute of Corporate Directors (Canada). "The panels led candid discussions of how all boards must incorporate cyber expertise in the boardroom and be better prepared to address this global issue."
About GNDI
The Global Network of Director Institutes (GNDI) is an international collaboration of 15 director institutes that shares expertise in directorship and corporate governance. GNDI collectively represents more than 100,000 individual directors and governance professionals. GNDI was established in December 2012 to foster closer cooperation between its members, who are each recognized as the primary institute for directors and governance in their respective country. We assist directors worldwide to stay abreast of emerging governance issues and we collaborate to strengthen the voice of directors in advocating for good governance policies and practices. To learn more about the GNDI, please visit www.GNDI.org.
About NACD
The National Association of Corporate Directors (NACD) is the advocate for the profession of directorship and is focused on advancing exemplary board leadership. Informed by more than 35 years of experience, NACD delivers insights and resources that more than 16,000 corporate director members rely on to make sound strategic decisions and confidently confront complex business challenges. NACD provides world-class director education programs, national peer-exchange forums, and proprietary research to promote director professionalism, ultimately enhancing the economic sustainability of the corporate enterprise and bolstering stakeholder confidence. Fostering collaboration among directors, investors, and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org.