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Law in the Boardroom in 2014; FTI/Corporate Board Member magazine

Report: Cybersecurity tops list of GC worries

A third of general counsel are not convinced their company is secure against hackers, and cybersecurity now tops the list of concerns for directors and general counsel, according to a recent study by FTI Consulting and Corporate Board Member magazine (pdf).

The annual Law in the Boardroom report, which summarized responses from 500 directors and general counsel, shows cybercrime fears now outrank last year’s top concern of succession and leadership transition.

The report suggests companies tend to overestimate their ability to stop hackers — 25 percent of general counsel and directors said they believe their company is well-protected from cyber-attacks, but a Ponemon Institute survey of 60 U.S. companies cited in the report found the companies each experienced an average of two successful attacks per week.

Other issues attracting the attention of general counsel and directors include social media policy and shareholder engagement, the study shows.

FTI Consulting Inc., a global business advisory firm, offers data security services for corporations.