NEW YORK – Reputation, cybersecurity and social media are the major issues of concern for members of boards of directors, according to the results of a survey of 250 boards done during the first quarter of 2014 by the New York-based accounting firm EisnerAmper, which provides audit, tax and advisory services to the financial services industry.
“Reputation is an ever-increasing concern among board members, particularly for public companies and not-for-profit organizations,” according to the report, “Concerns About Risks Confronting Boards.”
“Many respondents wrote that they had no plans, or relatively unsophisticated plan, to protect their reputations,” according to the report
“However, both private companies and organization with more than $1 billion in revenue felt they were more at risk from cybersecruity/IT than reputation issues.”
Cybersecurity/IT risk has risen almost 10 percent since the 2013 survey. It has overtaken regulatory/compliance risk, which also increased 4 percent, as the second most important concern to all boards, the survey found.