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The impending wave of cyber regulation coming from US, EU and APAC regulators maybe good for the insurance industry. For one it sets the standards and expectation for cybersecurity risk management and secondly it means the insurance industry does not have to act on its own accord to enforce cybersecurity standards.
The challenge for most organisations is not just the attacks are becoming more complex, I would argue that the attacks are not significantly more complex today than they were 3 years ago. The Okta hack was run by a group of 15 year old script kiddies, who were able to exploit the right (wrong) vulnerability.
The challenge many organisations face is they are starting from a low level of cybersecurity maturity following underinvestment. At a time where the resource pool is low and there are not enough skilled resources in the market.
The proposed regulations will create opportunities and challenges for many organisations. Least of all setting requirements to manage cybersecurity risks.
Ted Dziekanowski
#cybersecurity #cybersecurityriskmanagement #cyberregulation #governance #risk #compliance #cyberinsurance
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