Cybersecurity is emerging as a hot topic for 2023. Not that it wasn’t in 2022. In fact, cyber has been a loud, persistent background noise in business for years. But next he is increasing in volume for two reasons. The first is the escalation of US and European military aid to Ukraine. This increases the risk of Russia countering cyberattacks. And second, the new SEC enacted a rule this spring that imposes enhanced reporting requirements on companies.
Brian Stafford, CEO of Diligent, which provides a platform that provides information to 750,000 board members and executives, told me yesterday not only to demand prompt reporting of violations, but also to strengthen board oversight and expertise. Cyber rules requiring reporting “could have a greater impact,” he said. Impact on board composition and training over ESG. Stafford said the rule is part of a broader trend leading to the restructuring of corporate boards.
“Board members over the past decade have been former CEOs and CFOs. Most boards don’t have a former CISO (Chief Information Security Officer) on their board who are well versed in cyber issues but don’t have specific expertise. We’re moving from a typical CEO to a group of individuals who provide focused expertise, and it’s an under-told and growing subject.”
Apart from this, there is good news for companies struggling to build expertise in cyber and other technologies. Increasing layoffs are making it easier to find tech talent. luck‘s Michal Lev-Ram looks at trends in the magazine’s February/March issue, which you can read online here this morning.
More news below.
Hindenburg Research’s report on the Adani Group continues to hit Gautam Adani’s conglomerate, with Indian stocks down as much as 10% today. Some group companies, such as Adani Green Energy and Adani Transmissions, were down around 20%. Adani Group denies the allegations of fraudulent short selling, calling them “malicious” and “baseless”. Hindenburg says it “welcomes” the lawsuit Adani has threatened. (Bonus: Bill Ackman finds Hindenburg’s report “extremely reliable.”) financial times
Elliott and Salesforce
Elliott Management Group is reportedly looking to nominate a board member of Salesforce, in which activist investors recently invested heavily.of journal It reports that both sides could work together to avoid a massive proxy fight. wall street journal
UK Prime Minister Jeremy Hunt has pledged to push ahead with tax increases, saying “the best tax cut at the moment is lower inflation”. He also argued that Britain should have “nothing but the most competitive tax system of any major country”. Inflation in the country topped 10% last month. CNBC
around the water cooler
By Nicholas Gordon, Intel’s Stock Has Lost Nearly All Its 2023 Gains In Poor Performance, Chip Oversupply Hits Semiconductor Industry
Richie Torres has gone from a cryptocurrency “newbie” to a key ally in Washington.Now he could shape the industry’s post-FTX future, by Leo Schwartz
Jeff Bezos Advice for Bosses Leading Meetings: Last Talk, Pratana Prakash
Hasbro cuts 1,000 jobs as pandemic-era toy-buying boom cools as kids return to school, according to Bloomberg
Rupert Murdoch’s HarperCollins is heading to mediation with striking employees seeking starting salaries starting at $45,000, according to the Associated Press.
of this edition CEO Daily Edited by David Meyer.
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