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An update to an important read. Welcome to our first conversation on the Securities and Exchange Commission Final Rule on Cybersecurity Risk Management Strategy, Governance, and Incident Disclosure, that is effective the 5th of September 2023.
The Final Rule challenges tradition views of cyber risk transfer, as covered registrants comply with material cybersecurity risk management and incident disclosure. Requiring registrants to identify, quantify, mitigate, oversee, assure and attest ‘material’ cyber risks and incidents considering the needs of a ‘reasonable investor’.
The final rule effects how registrants boards, board subcommittees and accountable executives manage cyber risk transfer. As cyber risk transfers from cyber insurance to financial statements, with increased legal and compliance risk. In our summary paper we consider the importance of the final ruling in transferring cyber risk into the boardroom, and ‘adequate’ cybersecurity risk management, in compliance oversight, assurance and attestation.
The Augusta group are skilled and experienced executives in cybersecurity risk management, regulatory compliance, education, government affairs and organisational design. With over 50 years of combined experience in building and delivering cybersecurity risk management, regulatory compliance programs and cyber security risk management organisations.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #securitiesandexchangecommission #cyberregulation
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