Over the past few years there have been an increasing number of cyberattacks impacting both the public and private sectors. According to a 2022 IBM report, data breaches cost U.S. companies an average of $9.44 million in 2022. These costs do not account for reputational harm once a breach becomes public or the potential liability of corporate directors and officers.

It should come as no surprise that government regulators and corporate shareholders are focusing more on cybersecurity issues, and as such, corporate counsel should be prepared to ensure that boards and officers are fulfilling their obligations to have cybersecurity reporting and information systems in place.