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A great report when one considers the implications of cybersecurity risk management and regulation, being adopted by countries such as the U.S, EU and Australia. Raising questions about board governance, risk management, knowledge of boards of digital and workforce strategy.
Of concern is these areas alone play a critical role in cybersecurity risk management regulatory compliance. Regulation has been adopted by the Securities and Exchange Commission(SEC), U.S Department of Defence, European Union (EU NIS 2 and DORA) and Australia. Requiring Board Directors, Officers and Accountable Executives demonstrate their governance, oversight, assurance, and attestation of cybersecurity risk, at risk of civil or criminal penalties or the lose of contracts.
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Cyber is a major operational, financial, legal and compliance risk for companies. It is a national, economic and societal risk. It requires boards demonstrate knowledge of digital, risk management frameworks, organizational design and implement workforce and cultural programs to manage, oversight and assure cyber risk. Cyber regulation makes clear that covered companies are required to evaluate and manage cyber risks and report cyber incidents to regulators.
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Cyber-attack frequency, complexity and impact severity is moving faster than boards can change. Cyber regulation is moving quicker than boards can adapt. Regulators understand more about cybersecurity than most boards, and shareholders are catching up.
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At Veritas GRC, we have solutions to support boards understand cybersecurity risk management governance, risk management frameworks and oversight and assure regulatory compliance. To close the gaps in board cyber risk knowledge, facilitate organizational design, and enable boards demonstrate cyber risk management regulatory compliance.
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Ted Dziekanowski Brian D. McCarthy
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#cybersecurity #cyberriskmanagement #cyberregulation #boardgovernance
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