“I’ve been in meeting after meeting after meeting where companies like all of yours absolutely underestimate the impact of security breaches on the company,” Matthew Karlyn, Partner, Technology Transactions & Outsourcing Practice, Foley & Lardner LLP told attendees at the CIO Perspectives event in Houston in November 2015.
“The entire C-suite and board is on the hot seat for security these days,” Karlyn said. As a result, “board members, CEOs, CFOs and other senior executives are laser-focused on understanding corporate information security.”
“Why is the CEO losing his or her job? Why is this a topic at board meetings? Why are we now forming information technology committees on boards of directors? Because, what we’re facing are lawsuits stemming from security breaches – class-action lawsuits, shareholder liability lawsuits, and so on and so forth, that stem from security breaches and the security practices that your companies have.”
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