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When one goes to the races and decides which horse to back, hopefully one does it with an understanding of the ‘form’ of the horse and the Jockey. Cyber is a major bet, the insurance industry has spent millions on betting that the market going in its favor, and that hasn’t been plane sailing.
This article misses the point of cybersecurity. While cyber spend continues to increase the effects of cyber attacks are not falling. It is one reason why cyber is being regulated is that market forces have failed to manage cyber risk. That is for a very simple reason, cybersecurity risks do not get managed by products alone. Cyber risk requires management of people process and systems, starting from the board room. Cyber regulation make cybersecurity risk management a cyber legal problem. A problem that requires boards attest cybersecurity compliance at risk of civil or criminal penalties.
When board members face civil and criminal penalties it will not be the vendors that they turn to, it will be their legal counsel, compliance, audit, risk and cyber functions. Who in turn will be asking product vendors how their products manage cyber risk, how secure their product are and what cyber and legal risk the product vendors will carry. As will their insurers. One suspects only those vendors that can answer these questions adequately will see sales increase.
They will certainly see their products capabilities brought into the legal process, as cyber risk compliance is now front and center.
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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