Corporate board members are more concerned about cybersecurity and corporate reputation than about regulatory compliance risks, according to a new survey by the accounting firm EisnerAmper.
The firm’s fifth annual "Concerns about Risk Confronting Corporate Boards" survey asked corporate board members to identify the risks of greatest concern to them aside from financial risk. The primary concern, cited by 72 percent of the board directors surveyed, was reputational risk, similar to the trend in previous years. Cybersecurity and IT risk came in second at 62 percent, a nearly 10 percent increase from last year’s survey. Regulatory compliance risk—the third most highly ranked concern—dropped 6 percentage points to 50 percent this year.
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