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A great article from the Australian Institute of Company Directors recently given by David Gonski. Highlighting the fragmented cybersecurity regulatory frameworks governing cybersecurity in Australia, an issue that not only affects Australia but impacts most nations.
2022 has seen a rapid rise in national and international cybersecurity risk management regulation. Regulation that includes, but is not limited to the Securities and Exchange commission proposal, EU NIS 2.0, EU DORA, U.S DoD DFARS and national regulation emanating from the Australian Competition and Consumer Commission (ACCC), Australian Securities and Investments Commission (ASIC), Office of the Australian Information Commissioner (OAIC) and the Commonwealth Director of Public Prosecutions (CDPP). Regulation that is creating a minefield of corporate responsibility, liability and legal risk for boards.
2022 has seen a rapid risk in cyber regulation, with a number of key themes developing. Namely a move towards cybersecurity risk management; requirements for board oversight, assurance and attest cyber risks; board compliance reporting and board members to demonstrate their active participation and experience in cyber oversight; and incident reporting. All of which is adding to corporate legal and regulatory risk and directors liability.
It feels that the legal, compliance and liability scales are stacked firmly in favor of the regulators (for some good reason). Scales that will only be balanced or tipped back in favor of the board if cyber is taken seriously in the board room, resourced appropriately, the necessary cybersecurity risk management programs are implemented and governed by the board.
The national and international cyber regulatory wave does not appear to be calming down anytime soon and is turning into a Tsunami for international companies. There needs to be harmonization of cyber regulation, oversight and assurance.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberregulation #theaugustagroup
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