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A great article. Be it the gorilla or elephant in the board room, the direction of regulatory travel for cyber is clear; no more carrots and bigger sticks. Cyber regulation and control is another example of Governance, Risk and Compliance being added to the board agenda. Whilst some requirements like SoX are in place to prevent fraud and are very specific in focus (financial controls), cyber security is so much broader in its application. It’s as wide and as deep as the corporate foot and the data which a company holds, processes and transmits.
Cyber and data regulation come with penalties, and ones which are significant in the US and are starting to show signs of escalating. Fines which will not be covered by cyber insurance, and are in addition to the economic impact of cyber attacks and data breaches. Which for some companies have run in to the $100Ms, excluding brand and reputational damage.
With a back drop of a limited resource pool to support compliance and an increase in regulations. The DoDs CMMC programme is an example, a cyber programme which as of the 1st December 2020 applies to all 250,000+ global defence contractors.
#cmmc #supplychain #cybersecurity #cyberrisk #cyber #cisa #insurance #cyberinsurance #enisa #parava #asdeurope #cyberdefense #procurement
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