According to a new BarkerGilmore survey (GCs: Adding Value to the C-Suite), 67% of US directors believe general counsels/legal departments would benefit from additional cybersecurity risk expertise over all other subject areas.
Released this month, the survey asked more than 5,000 directors, board chairs, and CEOs of US publicly traded companies their opinion on the value of their general counsel to the rest of the company.
Today, general counsels (GCs) are seen as valuable members of the management team, bringing pragmatic advice to CEOs and boards. 95% of directors agree that a GC ensures the board adheres to best practices and 100% agree that they serve as an ethical sounding board.
Despite this strong position of trust and influence, there is one area in which GCs need to improve. A significant proportion of directors (47%) only rate their GCs’ working knowledge of cybersecurity risk as “fair”, and 67% believe their GC would benefit most from additional expertise in this area in order to add more value to the company and board. Cybersecurity was the only area in which less than half of respondents gave their GC a favorable rating.
With the cost of cyber crime estimated to reach $2.1 trillion by 2019, cybersecurity is one of the biggest challenges for most general counsels. In addition, as more businesses improve their connectivity and use a wider range of devices to access information on the go, they leave themselves more exposed to data breaches and hacks.
Understanding cybersecurity will help GCs understand best practice for managing cybersecurity risk, as found in the international standard that specifies the requirements for an information security management system (ISMS), ISO 27001.
The ISO 27001 Certified ISMS Foundation Online training course outlines the key elements of an ISMS, the essential steps involved in ISO 27001 risk assessments, and an overview of the risks cyber threats pose to your business.
Available Live Online (see our training dates here) and in-house (contact us for more information), the ISO 27001 Certified ISMS Foundation Online training course provides a great stepping stone for GCs and legal departments looking for additional cybersecurity risk expertise and an understanding of the international standard for managing cybersecurity risks.
You may also be interested in our ISO 27001 Implementation Package, which comprises the ISO 27001 Certified ISMS Foundation Online and ISO 27001 Certified ISMS Lead Implementer Online training courses in one package, saving you $366.