Board and organizational accountability for cybersecurity risk management
In response to the increased frequency, severity and complexity of cyberattacks, and the risks associated with cybersecurity incidents on the US and EU economies. U.S and EU regulators in 2022 and H1 2023 moved to propose and implement cybersecurity risk management regulations. Regulations that included EU NIS 2.0, the Digital Operational Resilience Act (DORA), Cyber Resilience Act (CRA), the U.S Securities and Exchange Commission (SEC) proposed cybersecurity risk management, governance and incident disclosure regulation and the White House Office of the National Cyber Director (ONCD).
Regulations that formalize boards of covered corporate entities to implement cybersecurity risk management; disclose and attest cybersecurity compliance; undertake regular cybersecurity risk management education; disclose their personal cybersecurity risk management knowledge and experience and declare cyber security incidents in a pre-defined time to appropriate regulators. Assuring to regulators that as the organizations leaders and those responsible for protecting shareholder value, they are remediating cybersecurity risks. Assurance and attestation that can be demonstrated through an appropriate Cybersecurity risk management governance framework and program.
Parava works with boards to enable their effective oversight and assurance of cybersecurity risks. The enclosed paper is a summary of the board program we deliver to members of executive leadership teams, to facilitate their cybersecurity risk management journey.