Call us now:
In the past weeks I have given 2 notable presentations to both business leaders and the insurance industry on cyber regulation. In both cases I have reaffirmed the conclusion, in the enclosed article, that there is a lack of concern over cybersecurity. One can put this down to many causes ranging from the economy, cost of living, poor communications, a lack of motivation to spend money on issues that have no perceived threat, or it won’t happen to me.
At both events the audiences were unaware of the pending cyber regulatory and compliance landscape, that is evolving in the U.S, EU and Australia. Regulation that many are discussing, yet it does not feel as though boards have yet grasped. This is not unsurprising given the pressures in the board room today, the FUD debate that surrounds cyber, and the poor understanding that boards have around the subject.
But cyber regulation is coming. Recent ONCD announcements, the EU NIS 2, DORA and CRA, and pending SEC Final Ruling. All of which are trains that have left their stations and moving quick ahead. At a time when there is a lack of cyber resources, a lack of board focus and the financial resources to address the issue.
One can rightly argue, and many boards will, that we are not being regulated today and they will prioritize risks and issues accordingly. You can also argue that I was there to inform the audiences of both events of the pending regulatory changes. Changes that will enforce cyber compliance directly on boards their directors and officers, that come with both civil and criminal liabilities (not my words its in the text).
One expects that concern for cyber will rise as a function of board regulatory oversight, fines and liabilities. Personal liability has the tendency to focus the mind, even more so when regulatory compliance is required to enter markets (SEC proposal, EU NIS2, DORA, CRA, NYDFS).
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA Jamie Foster
#cybersecurity #cyberriskmanagement #cyberlegal
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7086991666590437376