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Why is cyber a balance sheet and board issue, not a technology one. Here is a very good example why.
Everyone is now wading in on the data loss reported by Quest Diagnostics and LabCorp, following the American Medical Collection Agency (AMCA) data breach reported last week. US Senators and two state lawmakers are looking for answers and Moodys the credit agency have views on the potential impact to the credit rating of the companies involved. With the potential to have a far reaching impact on 3rd party selection regulation.
It’s a very good reason why boards need to focus on cyber risk management. It’s moving away from simply securing the business; towards the legal, regulatory and financial impact, securing the balance sheet.
Downgrading your credit rating maybe one good reason to focus on the subject, other than the legal penalties and fiduciary risks.
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