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Cyber investment across EU CNI providers is not good. Least of all its a measure of Cyber spend as a percentage of IT spend. IT Spend is contracting as global economies tighten, hence cyber spend will tighten.
Cyber attacks are becoming a significant issue for EU CNI providers and Financial Institutions. Simply demonstrated by the number of organizations appearing in the media or review the website of hackers. One counted over 1,000 companies on the LockBit 3 site, hacked and published since September 2023, 120 on the Back cat site and 400 on the CLoP site. That’s the tip of the iceberg.
2024 is a big year for cyber regulatory compliance as EU NIS 2 and DORA are expect to be transposed by EU member states into national regulation. Requiring boards oversight, assure and attest cybersecurity risk management compliance.
Identifying the right amount to spend on cyber has always been contentious. But spending on cyber cannot be ignored, it is a function of demonstrating regulatory compliance. Compliance that looks to have civil and criminal liabilities attached, requiring covered management demonstrate an understanding of regulatory compliance, governance, risk management, cybersecurity and reporting as one wrote with Ted Dziekanowski Rachel V. Rose, JD, MBA and Bob Dix back in September. (https://lnkd.in/ekJEgNar)
Brian D. McCarthy Olaf Classen
#cybersecurity #cyberriskmanagement #eunis2 #dora
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