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A great article from the FT………..Here endeth the story for board room cybersecurity.
1. Ever wondered why the SEC introduced controversial cyber regulation for U.S market participants to report material cyber risks and material cyber incidents to all market participants?
2. Ever wondered why the EU is regulating cybersecurity risk management and resilience across CNI providers and Financial institutions, or regulate the management of cybersecurity by companies who manufacture or distribute internet enabled technology?
3. Ever wondered why the Australian Securities and Investment Commission – ASIC is moving to regulated board governance over cybersecurity risk?
It’s not because bigger companies do a better job at cyber; its not because boards manage cybersecurity risks well and its not because companies manage cyber incidents well to the benefit of their shareholders.
Cybersecurity is a threat to national=, economic and societal security. Localised incidents such as Marks and Spencer, the Co-op, UnitedHealth Group, CDK Auto Inc……………………cyber security is a simple economic equation. For companies that seek funding from capital markets, all market participants want assurance they will get a positive return, and their investments are protected. Boards govern companies on behalf of shareholders.
M&S lost over £1 billion in market cap and lost cash in remediating the incident, that doesn’t include the costs to society. The United Health cyber attack reportedly cost $2.8 billion.
https://lnkd.in/e-4K9cwz.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberattack #resilience
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