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Cyber regulation is being developed at a faster rate than at any other time. With the Securities and Exchange Commission (SEC) releasing its Environment Society and Governance (ESG) regime, including cyber risk governance in its 2021 regulatory agenda. The US DoDs CMMC programme, whilst being reflected upon by US government, still impacts defence contractors and subcontractors globally, including publicly traded firms. Several recent Executive Orders focusing on supply chain risk management and cyber.
Credit rating agencies such as Standard and Poors are taking a very close interest in cyber and its impact on publicly trade firms, noting ¢â‚¬Å“more credit-relevant cyber events in the last six months than in the previous six years….
Even since the Colonial attack, there have been attacks on rated entities involving the insurance sector in Asia, a European truck lease provider, a French distressed debt purchaser and a global food company…..All involved ransomware demands and highlighted attackers ability to choose targets without regard to geography or sector.¢â‚¬Â
The cyber stars are aligning for public companies. Ransomware is a significant issue, the cyber insurance market is contending with underwriting and claims problems and credit rating agencies are focusing on the ability of public firms to govern and manage the risk.
Insurance companies bear a significant burden for mitigating cyber risk at present. A burden that may not be able to manage, requiring a different approach to managing the risk?
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