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A great article and a good question from the WSJ and MIT. With reported U.S data breaches up 78% in 2023 from 2022 and up 72% from 2021 yet spending on cyber spend is at an estimated $188 billion globally in 2023.
@Thaddeus Dziekanowski, while one agrees that cloud misconfiguration and 3rd party and supply chain hacks are a significant factor in explaining the growth of cyber attacks. On one hand organisations have relied on cloud as a solution, while not necessarily recognizing that they have responsibilities through shared responsibility models to manage cyber risk. On the other hand while risk can be transferred to third parties, organisations may not have understood the mechanisms their third parties have adopted to manage risk on their behalf.
One would throw in a third and fourth factor, that supports the increase in effective cyber attacks on companies globally. The third factor is that we have not recognised cybersecurity risks are a threat, and have let them creep up on us over the past several years. Poor funding and a lack of qualified and experienced resources have resulted in many organisations not having the necessary risk management in place to manage cyber risk. A fourth factor is we have not recognised that cybersecurity risk is a complex enterprise wide risk to manage. We are buying the wrong things, and not putting enough resources in to support the products that we are buying.
Cyber regulation being implemented in the U.S and EU will change the risk dynamic for some public and private sector organisations. Transferring risk management into the board rooms of covered organisations, requiring boards to demonstrate an understanding of risks including cloud and third party supplier risks, and demonstrate a proactive management of cybersecurity risks.
Veritas GRC Brian D. McCarthy Rich Waite, M.Ed. George Sawyer National Institute of Standards and Technology (NIST), Rachel V. Rose, JD, MBA Ryan Buckner Federal Bar Association The Institute of Internal Auditors Inc. ECIIA | European Confederation of Institutes of Internal Auditing
#cybersecurity #cyberriskmanagement #cyberregulation #3lod #cyberattack #ransomware
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