The true cost of cybercrime is not easy to tabulate. While many companies have experienced its wrath first hand, even more have suffered from cybercrime unknowingly through higher cost, operational issues, brand erosion and lower-quality products. Moreover, consider the lost benefit from products that never even made it to the market as a result of intellectual property theft.
As a result, boards of directors have a responsibility to take a more active role—in fact they have a duty—to ensure that management protects and maximizes the value of their digital assets both within and outside the company walls; and to position the organization for the opportunities and disruptions that arise through digital technology. These risks and opportunities may even warrant board-level leadership: a Cyber Chair.