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One could argue that cyber is at a cross road and cyber firms should be very excited about the proposed changes that cyber regulators are looking to adopt, as it will drive sales and growth. But the cyber tech industry seems to be heading towards a down turn as companies lay off staff, and sales and ROI fall. That’s the problem when your just drive sales into a market place that does not understand the problem its trying to fix. As demonstrated by the cyber insurance market. One suspects there are to many products chasing to few opportunities as companies struggle to understand the problem they are trying to fix and economies clow.
While in my view there are to many products on the market aiming to solve a problem. The problem of what needs fixing is starting to becoming clear as the ‘stick’ looks to replace the carrot through regulation. This week we saw the EU pass NIS 2.0, a significant piece of cyber regulation that will impact EU CNI providers. Setting the standard for the oversight and assurance of cybersecurity risk management oversight by EU member states over their CNI providers that include energy, oil and gas, transportation across road, rail and water, banking, financial market infrastructure, health, water, digital infrastructure including cloud providers, chemical production.
This example along with others including DORA, the CRA and SEC cyber risk management proposal set out significant cybersecurity opportunities for firms. Opportunities that will require products, services and resources for both risk management and cybersecurity. One would hope that problems with ROI will ease if cyber tech firms can work out the problem they are trying to solve, as some of their clients face cyber regulation.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberlegal
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