Proxy disclosures reveal whether leadership is real, lacking or just for show.
states that “the audit committee receives updates on information technology risks at least twice a year from the chief information security officer and the chair of the audit committee updates the full board on these presentations. The audit committee also receives an annual assessment of its cybersecurity program by external subject matter experts.”provides a contrasting example to the same end. In May, it re-elected all nine board members, with an average of over 66 years of age.
Dan Kornstein, age 71, the board’s vice chair, is a consulting partner who “brings to the board his experience in the gaming and entertainment industries…strategy and finance expertise and experience serving on several boards of directors.” David Tomic, age 71, audit committee chair and a former CFO, “selected to serve as a director because of his financial and management expertise and his experience with respect to raising capital, mergers and acquisitions, corporate governance and investor relations.”
While no company is immune to cyber risk, neither casino’s governance stance offers convincing stewardship responses to digital era danger.Even if board members lack IT experience, they can readily learn more. For instance, the Digital Directors Network delivers governance seminars and issues a Qualified Technology Expert certification. According to its
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MGM and Caesars’ hackers also hit three other companies.David Bradbury, the chief security officer at the identity and access management company Okta, tells Reuters that five of the firm’s clients — including MGM and Caesars — suffered cyberattacks linked to the ALPHV and Scattered Spider hacking groups since August. Although Bradbury didn’t reveal the names of the three affected companies, he said Okta is cooperating with the ongoing investigations.
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Clorox Warns That a Cyberattack Will Hurt Its Earnings. It Isn’t Alone.Both MGM Resorts International and Caesars Entertainment were hit with breaches this month.
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