An example of the civil fines and suspensions that Australian directors face, for failing to comply with cyber incident reporting requirements.

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An example of the civil fines and suspensions that Australian directors face, for failing to comply with cyber incident reporting requirements. One wonders the impact on the board of Medibank and Optus following their 2022 hacks?

One wonders how many Australian firms will be caught up under the SEC cyber risk management proposal? As U.S and EU regulators move to require cyber incident reporting under the SEC proposal, EU NIS 2 and DORA.

Compliance requires a reasonable implementation of cybersecurity risk management that is attested by the board. With Australian regulators moving ahead and testing regulation in court, setting compliance precedence the future for board room cybersecurity compliance looks to be reality. As this action demonstrates.

Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA

#cybersecurity #cyberriskmanagement #cyberregulation

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