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The cyber threat risk

Oversight guidance for CEOs and boards

Published October 2016

The data theft and the ensuing loss of confidence took a toll on the company’s executive ranks. The CIO resigned three months after the breach announcement, and the CEO lost his job three months later, due in part to the disastrous effects of the breach.

Institutional shareholder services urged shareholders to vote out the directors who served on the audit and corporate responsibility committees, claiming that the committee members’ failure to ensure appropriate management of these risks set the stage for the data breach that resulted in significant losses to the company and its shareholders.