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A great article from the FT, following this weeks AI summit in the UK, ‘Stop paying cyber Ransomware’. How? ,One sees no sensible answer coming out of many governments and the woes of boards are only just starting. When the strategy for many companies has been to focus on fixing the outcome and not addressing the root cause, what are the alternatives today for paying ransomware?
Our collective problem is that generally we have focused allot on ‘Right of Bang’, building capacity and capabilities to manage incident response, not focusing on the really hard work of preventing cyber attacks and the effects of cyber attack in the first place, moving ‘Left of Bang’. What choices have organizations had other than to pay ransomware?
But cyber regulation is changing this paradigm, and one suspects that it will be a painful transition for many covered firms. As regulation transfer the risk of managing cyber from incident management to boards to ‘prevent’ cyber attacks from reaching a point where a cyber incident occurs, or reducing the effects of cyber incident. The SEC Final cyber rule effective on the 5th September 2023, EU NIS 2 and DORA will be effective across the 27 EU nations by October 2024. All shift the burden of cybersecurity risk management back to the boards of covered entities, with the potential of civil and criminal liabilities for individuals and organizations.
One only has to look at this weeks SEC charges bought against SolarWinds to see the direction the SEC is following for the failure to manage cyber.
To find out more contact us at the Augusta Group – www.augustagrp.com
Ted Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Bob Dix
#paravasecuritysolutions #cybersecurity #cyberriskmanagement #ransomware
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