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Boards globally have always found it difficult to understand cyber risk, and the effects of cyber risks be they financial, operational, legal or shareholder.To some degree this is due to the mixed messages board receive from across industry. Take the enclosed article as an example, the ‘UK government cyber breaches cost mid-to-large firms an average of £10,830 in 2023’ or ‘While 83% of leaders say they are familiar with the vendor systems their businesses use, only 35% believe their vendor due diligence effectively mitigates cyber risks.’Few cyber statistics are be remotely accurate, these are not.This week the UK NCSC made two poignant statements – The UK is facing a widening gap’ in ability to fight cyber threats’ and ‘k underestimates threat of cyber attacks from hostile threat actors’.All leaders have traditionally struggled with cybersecurity, no ROI figures will ever remotely track spend vs. benefit. All the spend on cyber security has not made a dent in the effects of attack frequency, complexity and severity of impact on most companies. It’s a reason why cyber is being regulated by Governments. Also a reason why cyber insurers posts over the past 3 weeks highlight a changing and challenging market place.However, unless covered leaders start to understand cybersecurity risk management and the effects of cyber on their financial statements they may come unstuck with U.S and EU regulators. Especially as pointed out this week by NSCS and U.S security agencies, cyber is a National Security concern.@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #cyberinsurance
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