Boards need to hire younger directors to prevent cyber threat

Companies should hire a younger generation of boardroom directors to prevent the systematic threat that cyber-risk poses to the financial system, financial services experts have said.

With the growing threat of cyber-attacks city bosses have called for more board to consider appointing young directors.

Institute of directors chief executive Simon Walker said: “Only four FTSE 100 board members are under 40 and with this growing threat, boards should look at appointing more young directors who can contribute in-depth understanding of the risks and preventative strategies.”

Former trade minister Lord Davies and partner at private equity firm Corsair backs more boards with younger people because it will help firms “tap into key learnings from the millennials on IT”.

Former UniCredit investment banking head Jean-Pierre Mustier called on companies and regulators to refocus their priorities away from the market and credit risk to cyber, which he said was the “biggest risk financial firms faced today”.

Santander UK chairman and former government minister Baroness Vadera said firms should improve on the way they share intelligence, the FT reports.

She added: “We cannot afford to be opportunistic for commercial gain if a competitor is compromised. An attack on one is an attack on all.”