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As yet there is little clarity over whether the SEC will maintain its cyber rule published in 2023, however we know that cyber risk will not be going away for companies anytime soon. More importantly cyber risk management is not a Right of Bang issue; Cyber risk management is the responsibility of all companies that wish to demonstrate proactive management of shareholder value.https://lnkd.in/egS4g5S2The SEC has required covered entities to demonstrate their material and reasonable management of material risk, that includes non-financial risks such as cyber, AI and Cloud for many years. https://lnkd.in/e8u6mj4aCyber regulatory compliance is a legal issue, as we presented with Rachel V. Rose, JD, MBA, Ryan Buckner and @Thaddeus Dziekanowski to the Federal Bar Association. It requires the boards to develop a strong program of corporate governance to demonstrate oversight, assure of cyber risk. As we wrote a few years back, evaluating the materiality and reasonableness is a core tenant of cyber regulatory compliance. Irrespective of the regulation, board governance over cybersecurity risk management is an important consideration for boards, more so if there is a reliance by boards on insurance to act as risk mitigation, be that cyber or D&O.The challenge ahead is how will covered companies demonstrate cyber risk management and compliance, as regulators and insurers focus on the role of board in the management of cyber risk.Brian D. McCarthy Faisal KhanVeritas GRC U.S. Securities and Exchange Commission#cybersecurity #cyberriskmanagement #cyberregulation
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