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The recent Uber and Drizly cases place the cyber decision making of CEOs and CISOs front of mind when it comes to cyber, legal and compliance risk.
Cyber regulation is developing quickly, the EU added Directives and Acts that include EU NIS 2.0, DORA and the Resilience of Critical entities on to the Official Journal of the European Union at the end of 2022. Regulations that in the case of EU NIS require EU Member States to transpose Cybersecurity Risk Management into national laws, and while it says ‘The Directive does not require Member States to provide for criminal or civil liability with regard to natural persons with responsibility for ensuring that an entity complies with this Directive for damage suffered by third parties as a result of an infringement of this Directive.’ It does not state that they should not.
It does state that EU Member states can
1. Suspend temporarily a certificate or authorization concerning all or part of the relevant service provided, or activities carried out by the entity.
2. Prohibit temporarily any natural person which is responsible for discharging managerial responsibilities from exercising managerial functions in the entity.
3. Impose administrative fines.
Add to this the SEC cyber proposal and compensation clawback, one expects cyber-legal-compliance risk for board members to focus on the role of the board and cybersecurity risk management oversight and assurance.
#cybersecurity #cyberriskmanagement #theaugustagroup #cyberregulation #cyberlegal
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