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It’s an interesting point that is made Ted Dziekanowski. The role of the CISO is an important one for many organizations, as the frequency, complexity and severity of impact of cyber attacks continues to rise. With cybersecurity increasingly being considered a National, Economic and Societal Security issue. When one considers the role of Directors and Officers (D&O), one has to consider the regulatory and fiduciary obligations they sign up for when they take the job, and their responsibility to both the company and investors in managing material risks. Material risks that have always included cyber.
The challenge D&Os face from the 5th September 2023 is the cyber rule is likely to bring into focus the role of D&Os and their oversight, assurance and management of material cyber risks and their incident management. As one published earlier the final ruling is likely to have far reaching consequences on D&Os, as well as CISOs. (https://lnkd.in/eBBepAnu)
The final rule is going to focus D&Os on cyber, and if CISOs want a seat at the same table as their peers, they will have to take on the same fiduciary responsibilities. Now is the time to focus on how organizations are going to comply. But D&Os need to overcome board inertia, a recent board survey found that fewer than half (47%) of members serve on boards that interact with their CISOs regularly, and almost a third of them only see their CISOs at board presentations. One suspects the amount of interaction will increase. But are CISOs equipped for the honest conversion, given they to maybe held viable.
We will be releasing a paper on the 5th September that discuses the rule and compliance in detail. What it means for D&Os compliance to the rule, and our role in supporting D&Os comply.
Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation #ciso #securitiesandexchangecommission
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