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Over an 11 year period the CEO of Bank of America (BoA) has ramped cyber spend up $600 Million to over $1 Billion a year in 2021. Reflecting the risk which tier 1 banks like the BoA experience.
Brian Moynihan commented ¢â‚¬Å“The institutions around us, other institutions and my peers, spend like amounts, and our contracting parties spend like amounts,¢â‚¬Â he added. ¢â‚¬Å“In other words, we cause spending in third parties that provide services to us to protect us in the same way. So theres a lot of money being spend on this, and I think one of the things our industry has done a great job of is work together.¢â‚¬Â
Setting clear expectations that the BoA expects their suppliers to be as secure as they are in order to do business. There are reasons they spend these sums, it’s the cost of doing business to protect Critical National Infrastructure, maintain regulatory compliance (Basel III) and regulatory capital provisions at appropriate levels.
The Defence industry has been expected to adopt similar cyber security requirements to those managed by financial services since 2016 under DFARS 252.204-7012 (NIST SP 800 – 171). With the current CMMC program under review and Executive Orders issued on SCRM and Cyber, one can expect cyber spend will be under review across Federal government and the DoDs supply chain. As the regulatory regime changes in the US, outside of financial services.
Cyber is a complex risk to manage.
#cybersecurity‚Â #SupplyChainRiskManagement‚Â #CyberRiskManagement‚Â #riskmanagement‚Â #compliance‚Â #insurance‚Â #cyberinsurance‚Â #insurance‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #esgrisk‚Â #cyberregulation
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