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Thanks for sharing Ted Dziekanowski. As we move into 2024 I’m minded of an FT article posted at the beginning of 2023 by Mariana Mazzucato. The cyber events that continued through 2023, and the regulatory actions taken to reign in covered organizations, will be felt into 2024.
Mariana Mazzucato wrote about the use of consultancies and outsourcers by the public and private sector. One could say that ‘I’m cutting my nose off to spite my face’, but Professor Mazzucato’s critique of the consulting industry and its effects on the public and private sector rang true in part in 2023. Especially when one looks at some of the cases bought against auditors for their failures of financial audit, and oversight in 2023. The slow down in work and layoffs by consultancies the end of the year.
How will the public and private sector stand up in 2024, now that the cyber regulatory elephant is sitting in the middle the floor. The Spector of the regulatory ghost of Christmases past and to come has the names of board members written into it, and there aren’t enough skilled or experienced cyber resources in the market to support boards meet cyber risk regulatory compliance. A risk that Boards may transfer, but cannot delegate accountability of; a risk that is building caselaw, requiring oversight, assurance and attestation from attorneys more than consultants, Romaine Marshall. Given the legal obligations associated with regulatory compliance.
While we must not forget that cyber is just another board risk to be managed. It’s a risk that many boards have neglected; don’t have the skills to manage; cyber attacks frequency, severity and complexity is significant and boards must now contend with penalties associated with compliance. If Professor Mazzucato is anywhere near correct, boards may wish to evaluate the cyber experience of advisors before they engage them. The consequences of getting cyber risk management wrong are getting serious for individuals and organisations.
Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cyberregulation
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