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The UK finance regulator the PRA fines the ex-CIO of the TSB following the banks 2018 IT failure. The UK regulators is holding senior managers personally accountable for their division making. In this case for failing to ensure 3rd party suppliers were capable.
This is the first fine the PRA has issued against a senior managers in this case under the senior managers regime.
What does this case mean for CISOs? With significant cyber risk regulation just around the corner, focused on FIs. Will CISOs be held personally accountable for their decision making?
With cyber risk management regulation such as EU DORA, the SEC proposal and possibly the senior manager regime. CISO decision making, accountability and responsibility may have got more complicated.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA James Foster Rachel V. Rose, JD, MBA
#financialregulation #cybersecurity #cyberriskmanagement #ciso
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