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Corporate America faces an increasing amount of cyber and privacy regulation. Driven by federal and state regulators, that have issued a range of regulations for the management of cyber risk and privacy by boards of covered firms. Regulations that include requirements to identify and manage material cyber risk, implement a cyber incident program, report material cyber incidents, align definitions for customer information across regulations and regulations that revise consumer privacy laws and the use of personal data.
These changes, that includes the SEC final rule, are the beginning of wider regulations that the U.S Office of the National Cyber Director (ONCD) are proposing through their March 2023 national cyber strategy. They are also in addition to the EUs cybersecurity risk management regulatory agenda under NIS 2 and DORA, that started in January 2023 and continue under the proposed Cyber Resilience Act and Cyber Solidarity Act.
The regulations and proposals place a heavy burden on the management of cover entities. They increase legal and compliance risk through the introduction of civil and criminal liabilities, that are yet to be fully tested in court. But tested they are likely to by regulators and investors.
Boards and leadership teams need to increase their knowledge and experience of cybersecurity risk management oversight and assurance. To demonstrate appropriate an adequate management of cyber risks and ensure they are managing their fiduciary responsibilities and accountabilities.
Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #cyberregulation
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