MFDF Partners with Deloitte on Cybersecurity White Paper

“Board members should continue to educate themselves on how to include appropriate oversight of cybersecurity as part of their overall risk oversight efforts,” a new white paper from the Mutual Fund Directors Forum advises.  Cybersecurity and the Evolving Threat Landscape: The Role of the Independent Director is a joint effort between the MFDF and consulting and audit firm Deloitte. The report outlines the board’s role in oversight of cybersecurity, provides insights into the structure of cybersecurity programs at the adviser, and gives an overview of emerging areas. The report stresses that board oversight is a critical piece of an adviser’s cyber program. “The starting point for an effective cybersecurity program begins with proper governance for cyber risk. Executive leadership should support the board’s need to understand the design and effectiveness of cybersecurity controls.” The board’s understanding begins with an open dialogue with management regarding the key areas of cyber risk in the fund complex, according to the paper. Other key sections include the current and proposed regulatory cybersecurity framework, and the report provides a number of questions that boards may find useful when discussing cybersecurity issues with their adviser. The paper can be downloaded here.