Business Insights: Global Markets, Strategy & Economic Trends
Key takeaways
- Boards intensified focus may paradoxically reduce governance effectiveness and oversight of cyber risk.
- The cybersecurity situation is worsening year over year, demanding urgent reassessment of controls, reporting, and board-level accountability.
- FBI 2024 report found cybercrime losses increased 33% year over year, underscoring accelerating financial risk.
At this point, most boards are convinced of the necessity for cybersecurity investments. They get that a serious cyber event is a costly, brand-damaging situation that can devastate operations, dismantle consumer confidence, and even conjure up existential concerns. However, as boards become more focused on cybersecurity, are they paradoxically getting worse at governing it? Year-over-year the cybersecurity situation keeps getting worse. For example, the 2024 FBI crime report, published last spring, revealed that cybercrime losses increased 33% compared to the previous year.
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