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Boards need to focus on more than vulnerabilities. Boards are being regulated to demonstrate governance, oversight and assurance over cybersecurity risk management. That requires a broad understanding of cybersecurity and risk management practices.
The GIGI paper raise several points of interest. Namely the processes by which boards govern cyber and ICT risk and how they demonstrate their response to risk management and incidents. Technology spend will not address the problem, it causes it, our dependency on technology and the management of risk requires a collective solution. Governments cannot rely on individual organisations to manage risk, especially when individual organisations can cause systemic failures nationally and internationally (United Health, Crowdstrike, Microsoft, CDK).
We are at a point where risk transfer has to be managed ‘Left and Right of Bang’. This is an issue that sits at the feet of boards of all companies, whose risk profiles vary depending on sector. The EU has taken an active position on cyber regulation. Starting in 2025 CNI and FIs are required to demonstrate governance over cybersecurity risk management. Regulation that has legal and compliance penalties attached.
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation.
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