Since the start of the pandemic, cyber criminals have become increasingly brazen. An unfortunate byproduct of these emboldened criminals is that fallout from their cyber attacks has become increasingly public, disruptive, and detrimental to public and private companies. Board members are rightfully concerned, since both the company and its officers and directors can face potential liability following a cyber attack, including board turnover, shareholder derivative claims, consumer lawsuits, and now, more frequently, regulatory enforcement actions. Fortunately, cyber insurance and directors and officers liability insurance can help mitigate these liabilities.
Why Should Your C-Suite and Board Care About Cyber Attacks?