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The paper associated with the enclosed post is a very interesting read. Australian regulators plan to move ahead with cyber regulation, focusing on Cyber risk governance and standards for companies not already covered by sector standards, such as Financial Services. Setting out 2 proposed standards.
1. Voluntary governance standards for larger businesses describing the responsibilities and processes for managing cyber security risk.
2. Mandatory governance standards which larger businesses would need to comply with in a specific timeframe.
US Federal government is tightening its regulatory grip on cybersecurity. Several bills have been introduced, including the ‘Securing Systemically Important Critical Infrastructure Act’, ‘FISMA 2021’, the 2021 NDAA (C-SCRM) and I am sure there will be more to follow. The SEC is currently working on Cyber Risk Governance rules as part of its 2021 regulatory agenda, which I expect will sit within the ‘G’ of their ESG regime. Adding cyber risk oversight and assurance to the board room agenda in 2022.
Cyber risk governance is making its way into the board room through regulation and voluntary ‘recommendation’. Now is the time to start to focus on address board oversight and assurance of cyber, whilst there is time to do so. It takes months to implement a cyber security and risk management framework, with a back drop of limited industry resources.
Ted Dziekanowski Brian McCarthy Jason Spezzano
#ransomware‚Â #fisma‚Â #ofac‚Â #theaugustagroup‚Â #theaugustaplan‚Â #cybersecurity‚Â #supplychainriskmanagement‚Â #cyberriskmanagement‚Â #compliance‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #esg‚Â #scrm‚Â #cscrm‚Â #fca #cybercompliance #cyberregulation #cybergovernance
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